Why Pagaya Technologies Stock Soared 20% Higher Today
By crushing analyst estimates for its latest completed quarter, Pagaya Technologies (NASDAQ: PGY) crushed it on the market Thursday. Investors sent its shares to a 20% gain on the day, which was more than good enough to beat the 0.5% gain of the S&P 500 index.
Pagaya, which has developed an artificial intelligence (AI) credit-evaluation platform, unveiled its first-quarter results that morning. These showed that the company's total revenue came in at just over $237 million, well up from the $175 million in the same quarter last year.
The bottom-line change was more dramatic, with Pagaya flipping into the black to the tune of $13.3 million ($0.20 per share) in non-GAAP (adjusted) net income against Q1 2023's more than $11 million loss.
Source Fool.com
