Why Pagaya Technologies Stock Skyrocketed Today
Shares of Pagaya Technologies (NASDAQ: PGY), a little-known Israeli fintech company, were going to the moon Friday on an apparent short squeeze a month after the company went public through a special-purpose acquisition company (SPAC) merger.
As of 1:03 p.m. ET, the stock was up by 95%.
There was no news out on Pagaya Friday, making the stock's surge reminiscent of the short squeezes executed on meme stocks like GameStop and AMC Entertainment last year. However, the source of the squeeze was unclear. There was, for example, no chatter about it on Reddit's WallStreetBets forum, which spawned many of last year's short squeezes and gamma squeezes.
Source Fool.com
