Pagaya Technologies extends gains as sentiment improves

Pagaya Technologies

18/02/2025 10:54

** Shares of Pagaya Technologies  PGY.O  jump 16.9% to
$17.97 in premarket trading as the fintech looks to extend gains
from last two weeks on improving investor sentiment
    ** Stock has climbed 65.6% so far this month after
alternative asset manager Blue Owl  OWL.N  agreed to buy as much
as $2.4 billion of consumer loans from the firm and PGY's strong
Q4 results 
    ** PGY last week said it expects to be profitable on
reported basis this year 
    ** Analysts said PGY's conviction that it is past most if
not all major credit impairments has led investors to be more
confident in company's growth trajectory
    ** PGY trades at 12-month forward price-to-earnings ratio of
24.38, compared with rival Upstart Holdings'  UPST.O  55.04
    ** Eight of nine brokerages rate PGY stock "buy" or higher
and one "hold"; their median PT is $22 - LSEG data
    ** PGY stock slumped 43.9% in 2024

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))