Pagaya Technologies slumps 20% as Israeli tech continues with meme stock ways – Seeking Alpha

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Pagaya Technologies (NASDAQ:PGY) saw its shares slump by as much 20% Thursday as the Israel-based financial services technology company continued with its meme-stock like ways of the last week.
There was little direct news involving Pagaya (PGY), as the company’s shares fell one day after rising more than 31%. And that advance came a day after Pagaya (PGY) rocketed up by more than 71%. The company’s shares have more than tripled in value since closing at $5.35 on July 21.
One issue that has been suggested for Pagaya’s (PGY) wild gains is the company’s stock float. Pagaya (PGY) has almost 459M shares outstanding, but only has a float of about 340,000 shares that are available for the public to guy and sell. As such, Pagaya’s (PGY) stock price is subject to easy, and wide manipulation during a day’s trading session.
Approximately 5.8M Pagaya (PGY) shares had traded hands by Thursday afternoon. The company typically sees 3.9M shares exchange on a daily basis.
Pagaya (PGY) also has likely generated interest among short sellers, in particular, due the company going public in June through an SPAC merger with EJF Acquisition.

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