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Pagaya Technologies Ltd. · NASDAQ · Technology
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Pagaya posted a stronger-than-expected Q2 with EPS of $1.07 and revenue of $365.63 million, surpassing estimates. Network volume reached a record $3.5 billion, up 33% YoY, driven by the Auto vertical. Fitch changed Pagaya's rating outlook to Positive, supporting profitability and leverage improvements, while the company narrowed FY guidance; the stock rose about 11% to around $18 on the news.
View signal analysisPagaya Technologies agreed to sell up to $500 million in auto loans. This transaction may enhance Pagaya's liquidity and operational capacity.
View signal analysisPagaya issues $300 million in bonds for buy now, pay later loans. Higher yields demanded by investors compared to competitors like Affirm. Pagaya focuses on second-look loans using AI for lower credit borrowers. Buy now, pay later loans are a rapidly growing consumer lending segment. Klarna's expansion supported by Pagaya's funding, enhancing its loan approval rates.
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