Why Pagaya Stock Plummeted 43% in March
Shares of Pagaya Technologies (NASDAQ: PGY) plunged 43% in March according to data provided by S&P Global Market Intelligence. It announced a new stock offering just after a 12-for-1 reverse stock split at a lower price, which is a setup for a price drop.
Pagaya operates an artificial intelligence (AI) powered credit platform that works with lenders to identify good borrowers without increasing risk. It has several products, including ones that target personal loans, credit cards, automotive loans, and more. It has been adding lending partners at a rapid pace, ending 2023 with 29 partner clients, including high-profile names like and Ally Bank. It recently inked a deal with U.S. Bank, the fifth-largest U.S. bank by assets. It has 109 funding partners and is the No. 1 issuer of asset-backed securities in the U.S.
Pagaya has been demonstrating robust growth. Network volume increased 33% year over year to $2.3 billion in the 2023 fourth quarter, and revenue was up 13%. Net loss improved by $20 million to $14 million, and Wall Street is expecting positive earnings per share in the 2024 first quarter.
Source Fool.com
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