Pagaya Technologies slides after Iceberg Research discloses short position

Pagaya Technologies

11/02/2025 17:43

(Updates)
    ** Shares of fintech firm Pagaya Technologies  PGY.O  plunge
as much as 16.7%; last down 10.2% at $11.69
    ** Short-seller Iceberg Research reveals short position in
PGY, claiming the firm is running an "unsustainable business
model" by underwriting high-risk consumer loans through
partnerships with fintech lenders and banks
    ** Iceberg alleges borrowers for these loans were initially
rejected by the partners because they were deemed too risky
    ** "We remain confident in the strength of our value
proposition to provide more credit to more Americans through our
lending partners and our ability to drive sustainable,
profitable growth," PGY says
    ** "Demand for high-quality credit assets generated on our
network continues to grow" - PGY
    ** Reuters could not independently verify the claims in the
report
    ** Shares of PGY slumped 43.9% in 2024

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