PGY - Why Pagaya Stock Jumped 21% in May
2024-06-05 07:56:54 ET
Artificial intelligence (AI) credit company Pagaya Technologies (NASDAQ: PGY) stock jumped 21% in May according to data provided by S&P Global Market Intelligence . It reported excellent first-quarter results, and management is guiding for lots more to come.
Pagaya operates a platform connecting banks, borrowers, and institutional lenders. Although its products revolve around its AI-powered credit evaluation platform, it describes itself as creating financial solutions to empower all kinds of people.
It's already working with many top financial companies that are using its platform for credit evaluation and risk management, including Visa , Ally Financial , and SoFi Technologies , but it has a strong pipeline of new clients that it's onboarding. It recently announced several new deals, including a partnership with U.S. Bank .
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Why Pagaya Stock Jumped 21% in May