Is Pagaya Technologies Ltd. overvalued or undervalued?

As of 16 August 2022, the valuation grade for Pagaya Technologies Ltd. has moved from does not qualify to risky. The company is currently considered overvalued based on its financial metrics. Key ratios include a Price to Book Value of 3.95, an EV to EBITDA of 14.25, and a ROCE of 11.73%.
In comparison to its peers, Pagaya's valuation is significantly higher, with a P/E ratio of -250.76, while Everbridge, Inc. has a P/E of -28.60 and Definitive Healthcare Corp. shows a more favorable EV to EBITDA of 12.01. Despite recent stock performance, where Pagaya outperformed the S&P 500 with a year-to-date return of 101.72% compared to 2.44%, the underlying financials suggest that the stock is not justified at its current price level.