Why Pagaya Technologies Stock Tumbled 22% Today [Yahoo! Finance]
Pagaya Technologies Ltd. (PGY)
Company Research
Source: Yahoo! Finance
Pagaya actually warned investors the offering was coming yesterday, but today it revealed the price. What is Pagaya selling? That price will be $12.70 per share, which is 18% less than what this AI stock cost just yesterday. And between the offering itself and the overallotment option its underwriters will invoke, Pagaya could sell up to 8.6 million ordinary shares of stock at this price. That's more than the 7.5 million shares it said it would sell yesterday (including overallotment). What's more, these are all supersized shares, issued after the company shrank its share count by 12x with a 1-for-12 reverse stock split on March 8. On a 63 million share count, this will result in about 13% stock dilution that existing investors will suffer, plus the more visible effect of each share now being worth 18% less. So no wonder investors are upset. Why is Pagaya selling? What will investors get in return? Well, if all the shares that can be sold are sold, Pagaya should reap about
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PGY
News
- Pagaya Files First Annual Report on Form 10-K [Yahoo! Finance]Yahoo! Finance
- Pagaya Files First Annual Report on Form 10-KBusiness Wire
- Pagaya Technologies Ltd. (PGY) Laps the Stock Market: Here's Why [Yahoo! Finance]Yahoo! Finance
- Pagaya Announces Timing of First Quarter 2024 Earnings ReleaseBusiness Wire
- Pagaya Technologies Ltd. (PGY) Stock Falls Amid Market Uptick: What Investors Need to Know [Yahoo! Finance]Yahoo! Finance
PGY
Earnings
- 2/21/24 - Beat
PGY
Sec Filings
- 4/26/24 - Form 3
- 4/26/24 - Form 3
- 4/26/24 - Form 3
- PGY's page on the SEC website