After merging with and going public through a special purpose acquisition company (SPAC), artificial-intelligence-driven lending platform Pagaya Technologies (NASDAQ: PGY) started trading independently on June 23, and what a wild ride it has been.

The stock fell to $2.42 in the middle of July and now has shot up to almost $30.50 per share and a roughly $20.6 billion market cap. The reason has been an incredibly low public float revealed in its recent registration statement, which led investors to take advantage as they have on so many post-SPAC companies in an effort to drive the price higher.

But given that this move has nothing to do with fundamentals, is the stock actually a buy?

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Source Fool.com