Pagaya shares are trading lower after the company commenced an underwritten offering of 6.5M shares.
Portfolio Pulse from Benzinga Newsdesk
Pagaya Technologies Ltd. has initiated an underwritten public offering of 6.5 million shares, leading to a decrease in its stock price.
March 13, 2024 | 8:56 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Pagaya Technologies Ltd. has announced an underwritten offering of 6.5 million shares, which has resulted in a decline in its stock price.
The announcement of a significant share offering typically leads to a decrease in the stock price due to the dilution of existing shares. Given the size of the offering relative to Pagaya's market capitalization, this move is likely to have a notable negative impact on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100