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Why Shares of Pagaya Are Plunging This Week

TheMotleyFool

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Why Shares of Pagaya Are Plunging This WeekPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Art Wolfe: https://img.theapi.app/temp/bee95973-d201-429b-849e-52867059bd1a.png

For the week, shares of the artificial intelligence-powered lending company Pagaya (NASDAQ: PGY) were down by nearly 26% as of market close Thursday, according to data provided by S&P Global Market Intelligence.

That decline is likely due to shareholders preparing for an increase in the company's public float.

Pagaya went public in June by merging with a special purpose acquisition company (SPAC). Its shares initially plummeted -- as did many post-SPAC companies this year.

Source Fool.com

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