Why Shares of Pagaya Are Rising Today

·2 min read

Shares of the artificial intelligence (AI) lending platform Pagaya Technologies (NASDAQ: PGY) traded roughly 11.5% higher as of 3:04 p.m. ET today for no obvious reason other than the continued volatility the stock has seen since June. Pagaya merged with and went public through a special purpose acquisition company (SPAC), a deal completed in June. Following the company's registration statement later that month, shares of Pagaya flew higher after investors learned that the company had an extremely small public float.