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Israeli fintech Pagaya Technologies (NASDAQ:PGY) stock gained for the third straight session, rising 13% in morning trading Monday.
Shares of Pagaya opened at $20.48, sliding to a low of $20.03 in early trading before climbing to a high of $24 mid-morning. The stock recently changed hands at $23.50 at approximately 11:30 a.m. ET.
Pagaya shares have been volatile since the company went public on June 22 through a merger with EJF Acquisition that pegged the enterprise value of the combined company at around $8.5B.
The stock’s swings have been attributed by some market watchers to the size of its float, around 309k shares, which make it vulnerable to manipulation. The company has around 459M shares outstanding, according to Yahoo Finance data.
The stock has soared 322% since June 21, the last session before the merger.
For more a more in-depth look at Pagaya, check out SA contributor Felix Fung’s “Pagaya Technologies: Massive Potential Ahead.”
Image and article originally from seekingalpha.com. Read the original article here.