What Is Going on With Pagaya (PGY) Stock Today?


  • Pagaya (PGY) stock is dropping on Tuesday as investors seek answers for the fall.
  • This comes alongside an amended filing that shouldn’t drop shares as much as they are decreasing.
  • Instead, it looks like the end of a lock-up period is behind today’s decline.
PGY Stock - What Is Going on With Pagaya (PGY) Stock Today?

Source: shutterstock.com/Peshkova

Pagaya (NASDAQ:PGY) stock is falling hard on Tuesday and investors are wondering what’s happening with the AI credit analysis company.

One bit of news that did happen today is an amended filing with the U.S. Securities and Exchange Commission (SEC). That filing concerns a prospectus for shares being sold by the company. It seems unlikely that this would be behind the massive sink in price that PGY stock is seeing today.

Instead, it seems like expiring lock-up agreements may be behind the incredible plunge that PGY stock is experiencing today. 50% of restricted shares saw their lock-up period end today which allows selling security holders to trade them.

This would likely explain why shares of PGY stock are sinking alongside heavy trading today. As of this writing, more than 9 million shares of the company’s stock have changed hands. That’s well above its daily average trading volume of about 4.5 million shares.

More Shares Will Exit Lock-Up This Year

Investors will also note that the remaining 50% of shares in the lock-up agreement will enter the market later this year. The restrictions on those shares are set to end on Dec. 19, 2022. It seems likely traders will see more major movement for PGY stock when that happens.

PGY stock is down 59% as of Tuesday morning and is down 71.6% since the start of the year.

Investors looking for more of the latest stock market news will want to stick around!

InvestorPlace has all of the hottest stock market news traders need to know about for Tuesday! Among that is what has shares of Ford (NYSE:F), Beyond Meat (NASDAQ:BYND), and lidar stocks on the move today. You can catch up on all of that news at the following links!

More Tuesday 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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/09/what-is-going-on-with-pagaya-pgy-stock-today/.

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