Why Shares of Pagaya Are Rising Today

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. The stock is now up more than 13.6% over the last week.

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. Data that was updated at the end of July showed the float only consisted of about 309,000 shares.

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Source Fool.com