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,” said Gal Krubiner, CEO and Co-Founder of Pagaya.

Narrows FY Guidance Pagaya sees third-quarter revenue of between $370.00 million and $390.00 million, versus the consensus estimate of $394.67 million.

Furthermore, it narrowed its fiscal-year revenue guidance from between $1.40 billion and $1.57 billion to between $1.42 billion and $1.52 billion, versus the consensus estimate of $1.47 billion.

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This illustration was generated using artificial intelligence via Midjourney.