Pagaya Stock Rises After Q2 Double Beat, Record Net Income and Network Volume

Pagaya Technologies Ltd. (NASDAQ: PGY ) shares are trading higher Thursday after the company reported second-quarter earnings. Pagaya shares are climbing with conviction. Why is PGY stock up today? Pagaya Beats Estimates with Strong Growth Pagaya reported adjusted earnings per share of $1.07, beating the consensus estimate of 33 cents. In addition, it reported revenue of $365.63 million, beating the consensus estimate of $356.02 million. Network volume reached a record $3.5 billion, up 33% year-over-year, driven by growth in the company’s Auto vertical. Fitch revised Pagaya’s corporate rating outlook to Positive, citing improvements in profitability, leverage, and interest coverage. “Our record quarter reflects a flywheel that is clearly working: partners are sending more volume, adopting more products, and our network effects compound with every relationship we add,...