Why Pagaya (PGY) Shares Are Soaring Today - Pagaya Techs (NASDAQ:PGY)

Pagaya Technologies Ltd PGY reported fourth-quarter revenue growth of 25% year-on-year to $192.9 million, beating the consensus of $163.5 million.
The results reflected increased fee revenue from Network Volume growth.
EPS Loss of $(0.01) beat the consensus loss of $(0.08).
Network Volume increased 10% to $1.8 billion in 4Q22, reflecting growth from existing partners and faster growth from newer products, including auto.
CEO Gal Krubiner said, "We reached over $7 billion in network volume and grew revenue by 58% to $749 million, approximately seven times our revenue in 2020. We delivered near-break-even adjusted EBITDA while operating in the most challenging credit and rate environment in our company's history."
"We went public, strengthened our management team, onboarded large strategic partners, including Visa, Klarna, and a top 3 auto lender, and elevated our SFR offering with our first acquisition. As we continue the momentum into 2023, we will remain focused on driving further expansion and monetization of our network and achieving sustainable profitability on an adjusted EBITDA basis."
Outlook: Pagaya saw Q1 revenue of $175 million - $180 million (consensus $181.87 million) and FY23 revenue of $775 million - $825 million (consensus $767.89 million).
Price Action: PGY shares traded higher by 19.4% at $1.60 premarket on the last check Wednesday.

Why Pagaya Shares Are Soaring Today