Here's Why Shares of Pagaya Exploded 494% in July

Shares of the artificial intelligence loan platform Pagaya (NASDAQ: PGY) surged an incredible nearly 494% in the month of July, according to data provided by S&P Global Market Intelligence.

The company merged with and went public through a special purpose acquisition company (SPAC) in June and began trading independently later that month. Shares plunged initially from about $9.50 to $2.70 but then exploded on July 19 and have not come down since.

On July 20, Pagaya submitted its registration statement with the Securities and Exchange Commission, which revealed the stock had an incredibly small float of fewer than 1 million shares.

Source Fool.com