The story behind PGY (10x in a week) via /r/wallstreetbets #stocks #wallstreetbets #investing

The story behind PGY (10x in a week)

PGY , Pagaya Technologies is an Israeli fintech company listed on the nasdaq via spac. Couple days ago an article was published in a Israeli business-stock news site (link ) The article says the rise of the PGY stock is probably because of low float or short squeeze. The most interesting part is the details about the biggest stock holders of PGY and the time they are locked from selling their stock. Quote:

“The owners are billionaires on paper at this point, because they are still blocked from selling shares.

At the same time, the blocking period may shrink significantly following the price increases; if the Pagaya stock trades for 20 consecutive trading days above the price of $12.5 (average share price in daily trading, VWAP), as of today it completes seven such trading days.” The investors and the owners probably sitting on 300-400 millions shares that they locked from selling and the stock trades above 12.5$ for 11 days or so. What you think about it all?

Submitted August 05, 2022 at 11:53PM by mesc101
via reddit