Short Interest in Pagaya Technologies Ltd. (NASDAQ:PGY) Expands By 213.7%

Pagaya Technologies Ltd. (NASDAQ:PGY) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 5,490,000 shares, a growth of 213.7% from the September 15th total of 1,750,000 shares. Approximately 15.9% of the shares of the stock are sold short. Based on an average daily volume of 1,470,000 shares, the short-interest ratio is presently 3.7 days.

Pagaya Technologies Stock Down 0.1 %

Shares of PGY stock traded down $0.01 during trading on Thursday, hitting $9.89. 1,032,551 shares of the company were exchanged, compared to its average volume of 1,257,504. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market capitalization of $701.20 million, a price-to-earnings ratio of -7.01 and a beta of 6.36. The business’s 50-day simple moving average is $12.26 and its 200 day simple moving average is $12.03. Pagaya Technologies has a twelve month low of $8.56 and a twelve month high of $20.50.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.11). The company had revenue of $250.34 million for the quarter, compared to analyst estimates of $239.16 million. Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. As a group, analysts forecast that Pagaya Technologies will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Pagaya Technologies in a research report on Monday, June 17th. They issued an “outperform” rating and a $23.00 target price on the stock. Canaccord Genuity Group dropped their target price on shares of Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Oppenheimer assumed coverage on shares of Pagaya Technologies in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 target price on the stock. JMP Securities reissued a “market outperform” rating and issued a $25.00 target price on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Finally, B. Riley dropped their target price on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Pagaya Technologies presently has an average rating of “Moderate Buy” and an average price target of $22.89.

Insider Transactions at Pagaya Technologies

In other news, CFO Evangelos Perros sold 24,171 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total value of $327,517.05. Following the transaction, the chief financial officer now owns 23,791 shares of the company’s stock, valued at $322,368.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Evangelos Perros sold 24,171 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total value of $327,517.05. Following the transaction, the chief financial officer now owns 23,791 shares of the company’s stock, valued at $322,368.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Avital Pardo sold 11,601 shares of Pagaya Technologies stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $15.83, for a total transaction of $183,643.83. Following the completion of the transaction, the chief technology officer now directly owns 433,125 shares in the company, valued at $6,856,368.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,453 shares of company stock valued at $973,545 in the last quarter. Insiders own 19.70% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in Pagaya Technologies in the first quarter valued at approximately $12,686,000. Hood River Capital Management LLC acquired a new stake in shares of Pagaya Technologies in the first quarter worth $9,265,000. Quadrature Capital Ltd lifted its stake in shares of Pagaya Technologies by 3,558.5% in the fourth quarter. Quadrature Capital Ltd now owns 784,860 shares of the company’s stock worth $1,079,000 after buying an additional 763,407 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Pagaya Technologies by 14.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 675,064 shares of the company’s stock worth $6,818,000 after buying an additional 83,913 shares during the last quarter. Finally, Yarra Square Partners LP lifted its stake in shares of Pagaya Technologies by 29.9% in the second quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock worth $7,903,000 after buying an additional 142,500 shares during the last quarter. 57.14% of the stock is currently owned by institutional investors and hedge funds.

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.