Pagaya Technologies (PGY) Stock Rockets Another 30% Higher

  • Pagaya Technologies (PGY) stock is rising again today alongside heavy trading.
  • That's despite no recent news from the financial tech company.
  • This continues a massive rally that started last week.
Online banking businessman using smartphone with credit card Fintech and Blockchain concept representing PGY stock.

Source: Joyseulay / Shutterstock.com

Pagaya Technologies (NASDAQ:PGY) stock is rocketing higher on Wednesday despite a lack of news from the artificial intelligence (AI) credit analysis company.

PGY stock has seen massive gains over the last week with shares currently trading at about $21.65 as of Wednesday afternoon. To put that in perspective, the company’s stock was only valued at $5.35 per share when markets closed last Thursday.

So what’s behind the major increase in PGY share prices? The company filed a prospectus last week for a stock offering. That sent off speculation that a potential takeover of the company was in the works.

Since then, we’ve seen the price of PGY stock continue to rise as investors pile into the company. Without any solid news to go on, it’s clear that investors will want to be careful about taking a stake in the financial tech company.

While the takeover speculation is already enough to warrant that, the recent volatility adds to it. It’s completely possible that PGY stock is seeing such drastic gains on a short squeeze. It could also be day traders working together to boost shares higher. No matter the case, investors that buy PGY shares now could end up seeing red if the stock experiences a drastic fall.

PGY stock is also seeing heavy trading again today with some 30 million shares on the move. That’s a major surge compared to its daily average trading volume of about 3.2 million shares.

PGY stock is up 29.6% as of Wednesday afternoon.

There’s more recent stock market news traders will want to know about below!

We’ve got all the hottest stock news for investors to read about today! A few examples include what has shares of Archer Aviation (NYSE:ACHR), Blue Water Vaccines (NASDAQ:BWV), and ObsEva (NASDAQ:OBSV) stock on the move Wednesday. You can find out all about these stocks at the links below!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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