Pagaya Technologies (NASDAQ:PGY) stock is rocketing higher on Friday despite a lack of news from the financial tech company.
While there’s no news today, Pagaya Technologies did announce a prospectus earlier this week that saw shares surge in value. After that, PGY stock continued to hold its value until shooting even higher today.
That prospectus has the company considering offering 673 million shares as well as warrants for another 46.1 million. News of this prospectus resulted in an over 100% boost to the stock on Wednesday.
While it has been a couple of days since then, it’s possible that investors are still piling into PGY stock because of the prospectus news. We may also be seeing retail and day traders taking stakes in the company, considering its relatively low price point.
Regardless, what we do know is that PGY stock is experiencing some incredibly heavy trading today. As of this writing, more than 43 million shares have changed hands. That’s well above the daily average trading volume of 986,891 shares.
What exactly does Pagaya Technologies do? The company uses artificial intelligence (AI) to offer credit analysis. This allows companies to use its service to approve more loans without taking on undue risk.
PGY stock is up more than 94% as of Friday afternoon.
Investors seeking more recent stock market news are in luck!
We’ve got all of the latest stock market news that traders need to know about for Friday! That includes everything happening with shares of VistaGen Therapeutics (NASDAQ:VTGN), Intuitive Surgical (NASDAQ:ISRG) and Yoshitsu (NASDAQ:TKLF) stock today. You can find out more at the links below!
More Friday Stock Market News
- VistaGen Therapeutics (VTGN) Stock Plunges on Disappointing Clinical Data
- Why Is Intuitive Surgical (ISRG) Stock Down 7% Today?
- Yoshitsu (TKLF) Stock Soars 50% on Acquisition News
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not hold (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.