Pagaya stock rallies as AI-backed fintech data company raises profitability outlook

Pagaya Technologies Ltd. shares rallied in the extended session Thursday after the AI-backed fintech data company’s adjusted results and outlook topped Wall Street expectations.

Pagaya PGY shares surged as much as 37% after hours, following a 5% decline to finish the regular session at $2.31. Year to date, shares have rallied more than 85%, compared with a 16% gain on the S&P 500 index SPX. Total revenue rose 7.8% to $195.6 million from $181.5 million in the year-ago quarter, while revenue from fees rose 13.7% to $185.6 million from $163.3 million.

Analysts had estimated adjusted EBITDA of $5.2 million on revenue of $207 million for the third quarter, and adjusted EBITDA of $16.7 million on revenue of $805.9 million for the year.

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