Mar. 21 at 9:57 PM
$PGY - one year ago, Pagaya was trading at approx
$11/share. In 6 mos (as the business transitioned to a profitable company) the share price exploded up 300% to the mid
$40’s as of Sept 2025.
Now here we are back to where we were a year ago - in spite of adding both lending and investing partners, significantly growing the book of business, becoming more conservative on their underwriting algorithms/decisions, and enjoying growing scale/margins.
Yes, the macro environment is more challenging than it was a year ago. But they have made decisions to counteract that and are managing credit risk very well. Also, a challenging macro environment may very well prove to be a good thing for then as lending partners raise underwriting standards leaving more opportunities for Pagaya.
What makes you think this stock is going to stay at the depressed levels it is now??
As the next few qrtly ERs roll out, I am confident that this is going to move back up into the previous
$40-
$50 range. 
