Pagaya stock pops after AI credit company gives rosy profit forecast

Shares of Pagaya Technologies Ltd. PGY were surging more than 20% in premarket action Wednesday after the financial-technology company, which uses artificial intelligence in credit, issued an upbeat profit forecast for the full year. The company logged a fourth-quarter net loss of $34.0 million, or 5 cents a share, wider than the loss of $16.5 million, or 8 cents a share, that the company recorded in the previous year. Analysts tracked by FactSet were anticipating a 7-cent per-share loss.

5 million, or 8 cents a share, that the company recorded in the previous year. Analysts tracked by FactSet were anticipating a 7-cent per-share loss. Revenue rose to $178 million from $144 million, while analysts had been anticipating $163 million.

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