Added to YB: 2025-02-14
Pitch date: 2025-02-11
PGY [bearish]
Pagaya Technologies Ltd.
-109.7%
current return
Author Info
Iceberg Research identifies substantial earnings misrepresentation and accounting irregularities in financial statements issued by public companies. Sign up for the newsletter.
Company Info
Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial services and other service providers, their customers, and asset investors in the United States, Israel, and the Cayman Islands.
Market Cap
$1.9B
Pitch Price
$10.82
Price Target
N/A
Dividend
N/A
EV/EBITDA
10.12
P/E
-9.45
EV/Sales
2.11
Sector
Software
Category
N/A
Pagaya: Using Other People’s Money to Hide Massive Losses
PGY short: AI-driven consumer loan underwriter faces scrutiny over risk management. Pagaya-managed funds buying riskiest ABS tranches, leading to losses & redemption issues. CTO's past company collapsed due to poor controls. Balance sheet deteriorating despite claims. Acquisition of Theorem may repeat Opportunity Fund problems. SEC potentially investigating. Unsustainable model as ABS engine slows.
Read full article (16 min)