Pagaya Technologies (NASDAQ:PGY) Trading 7.3% Higher

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price shot up 7.3% during trading on Tuesday . The stock traded as high as $12.86 and last traded at $12.72. 729,514 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 1,150,568 shares. The stock had previously closed at $11.85.

Analysts Set New Price Targets

PGY has been the subject of a number of recent research reports. Canaccord Genuity Group reissued a “buy” rating and issued a $42.00 target price on shares of Pagaya Technologies in a research report on Monday. JMP Securities reiterated a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Monday. Citigroup assumed coverage on shares of Pagaya Technologies in a research report on Friday, May 24th. They issued a “neutral” rating and a $14.00 price target on the stock. Keefe, Bruyette & Woods started coverage on shares of Pagaya Technologies in a report on Monday, June 17th. They issued an “outperform” rating and a $23.00 price objective for the company. Finally, Wedbush restated a “neutral” rating and set a $13.00 target price on shares of Pagaya Technologies in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.14.

Pagaya Technologies Stock Performance

The company’s fifty day simple moving average is $13.28 and its 200 day simple moving average is $12.73. The stock has a market capitalization of $864.27 million, a P/E ratio of -8.65 and a beta of 6.44. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.61.

Insider Activity at Pagaya Technologies

In related news, CRO Yahav Yulzari sold 11,662 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $15.78, for a total value of $184,026.36. Following the sale, the executive now directly owns 288,037 shares of the company’s stock, valued at $4,545,223.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Nicole Torraco sold 4,743 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.04, for a total value of $57,105.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Yahav Yulzari sold 11,662 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $15.78, for a total value of $184,026.36. Following the transaction, the executive now directly owns 288,037 shares in the company, valued at $4,545,223.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,499 shares of company stock valued at $565,108. Company insiders own 19.70% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Several institutional investors and hedge funds have recently made changes to their positions in PGY. The Manufacturers Life Insurance Company purchased a new stake in Pagaya Technologies during the second quarter valued at about $187,000. Millennium Management LLC boosted its holdings in Pagaya Technologies by 455.9% during the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock valued at $2,789,000 after acquiring an additional 179,235 shares during the period. Cubist Systematic Strategies LLC grew its position in Pagaya Technologies by 50.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 43,813 shares of the company’s stock worth $559,000 after acquiring an additional 14,629 shares during the last quarter. Yarra Square Partners LP increased its stake in Pagaya Technologies by 29.9% in the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock worth $7,903,000 after purchasing an additional 142,500 shares during the period. Finally, Divisadero Street Capital Management LP bought a new stake in Pagaya Technologies in the second quarter valued at approximately $2,273,000. Institutional investors own 57.14% of the company’s stock.

About Pagaya Technologies

Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial institutions and investors in the United States, Israel, the Cayman Islands, and internationally. The company develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets.