VTGN - Why Is Pagaya Technologies (PGY) Stock Soaring 94% Today?
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Pagaya Technologies (NASDAQ:PGY) stock is rocketing higher on Friday despite a lack of news from the financial tech company today.
While there’s no news today, Pagaya Technologies did announce a prospectus earlier this week that saw its shares surge in value. Since then, the stock continued to hold its value until it shot even higher today.
That prospectus has the company considering offering 673 million shares and warrants for another 46.1 million. News of this prospectus resulted in an over 100% boost to the stock on Wednesday.
While it’s been a couple of days since then, it’s possible that investors are still piling into PGY stock because of that news. We could also see retail and day traders taking stakes in the company considering its relativly low price point.
What we do know is that PGY stock is experiencing incredibly heavy trading today. As of this writing, more than 43 million shares of the stock have changed hands. That’s well above its daily average trading volume of 986.9 million shares.
But what exactly does Pagaya Technologies do? The company is focused on using its artificial intelligence (AI) network to offer credit analysis. This allows companies to use its service to approve more loans without taking on undue risks.
PGY stock is up 94.4% as of Friday afternoon.
Investors seeking more recent stock market news are in luck!
We’ve got all of the latest stock market news 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
- VistaGen Therapeutics (VTGN) Stock Plunges on Disappointing Clinical Data
- Why Is Intuitive Surgical (ISRG) Stock Down 7% Today?
- Yoshitsu (TKLF) Stock Soars 50% on Acquisition 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.
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