Why has the share price of Affirm Holdings done down in the last year even though the pay-later-get-now concept is more popular than ever?

Early 2022, displayed a stock price for the symbol AFRM ranging from $45-$79, but now the stock is around 13 dollars per share. I know the stock had IPO-ed early 2021 and the initial share price was $117, could the share price just be adjusting to its real value or what exactly is the issue? The P/E ratio is very low, so I may be wrong on the whole overvalued argument. If you have any information, please feel free to share. Thanks in advance for any information!