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In a turbulent market environment, Pagaya Technologies Ltd. (NASDAQ:PGY) stock has touched a 52-week low, dipping to $8.56. This latest price level reflects a significant downturn from the company's previous performance, with the stock experiencing a stark 1-year change of -48.33%. Investors are closely monitoring PGY as it navigates through the prevailing economic headwinds, which have contributed to the stock's decline over the past year. The company, along with its stakeholders, is keenly looking for strategies to bolster its market position and recover from this low point.
In other recent news, Pagaya Technologies has reported strong financial results in their 3Q 2024 earnings call, with CEO Gal Krubiner announcing an annual revenue rate nearing $1 billion and an adjusted EBITDA at $220 million. The company has also outlined strategic initiatives aimed at achieving GAAP profitability by 2025. This is backed by significant growth in loans and customer acquisition, with over $24 billion in loans generated and nearly two million new customers added through partnerships. The company's future outlook includes a projected total revenue between $1.01 billion and $1.025 billion, and adjusted EBITDA between $195 million and $205 million for the next year. Despite credit impairments related to 2023 vintage loans, the company sees significant growth potential in the point-of-sale segment. These are the recent developments in the company that investors should be aware of.
InvestingPro Insights
Pagaya Technologies Ltd. (PGY) continues to face significant challenges, as reflected in its recent stock performance. InvestingPro data shows that PGY's stock has taken a substantial hit, with a 1-week price total return of -47.84% and a year-to-date return of -46.8%. These figures align with the article's mention of the stock touching a 52-week low.
Despite these setbacks, there are some potential bright spots for investors to consider. An InvestingPro Tip highlights that analysts predict the company will be profitable this year, which could signal a turnaround from its current unprofitable status over the last twelve months. Additionally, PGY's revenue growth stands at 23.38% for the last twelve months as of Q3 2024, indicating that the company is still expanding its top line despite market challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for PGY, providing a deeper understanding of the company's financial health and market position.
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