Why Is Pagaya Technologies (PGY) Stock Soaring 94% Today?


  • Pagaya Technologies (PGY) stock is taking off despite a lack of news for Friday.
  • However, the company did announce a prospectus earlier this week.
  • Heavy trading of PGY stock is also taking place today.
blue graphic of person's face made of binary code and microchip lines representing PGY stock.

Source: shutterstock.com/Peshkova

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

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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.

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