Pagaya Technologies (NASDAQ:PGY) Trading 8.7% Higher – Should You Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares traded up 8.7% during trading on Friday . The stock traded as high as $14.15 and last traded at $14.14. 1,504,187 shares changed hands during trading, an increase of 19% from the average session volume of 1,260,629 shares. The stock had previously closed at $13.01.

Analyst Ratings Changes

PGY has been the subject of several research analyst reports. B. Riley decreased their price objective on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a report on Monday, September 30th. JMP Securities reissued a “market outperform” rating and set a $25.00 price objective on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Oppenheimer began coverage on shares of Pagaya Technologies in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 price objective on the stock. Wedbush reiterated a “neutral” rating and set a $13.00 target price on shares of Pagaya Technologies in a research note on Monday, August 12th. Finally, Canaccord Genuity Group dropped their price target on Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Pagaya Technologies presently has an average rating of “Moderate Buy” and an average target price of $22.89.

Pagaya Technologies Price Performance

The company has a market cap of $1.05 billion, a price-to-earnings ratio of -7.18 and a beta of 6.33. The company has a 50-day simple moving average of $11.71 and a 200-day simple moving average of $12.22. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.11). The firm 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, research analysts predict that Pagaya Technologies Ltd. will post -0.09 earnings per share for the current year.

Insider Activity

In related news, insider Yahav Yulzari acquired 23,600 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average cost of $10.52 per share, for a total transaction of $248,272.00. Following the transaction, the insider now directly owns 311,637 shares of the company’s stock, valued at approximately $3,278,421.24. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Pagaya Technologies news, insider Tami Rosen sold 17,570 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.06, for a total transaction of $211,894.20. Following the sale, the insider now directly owns 73,516 shares of the company’s stock, valued at $886,602.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Yahav Yulzari acquired 23,600 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was purchased at an average cost of $10.52 per share, with a total value of $248,272.00. Following the transaction, the insider now owns 311,637 shares of the company’s stock, valued at approximately $3,278,421.24. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 36,045 shares of company stock worth $430,982 over the last 90 days. 19.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Pagaya Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of PGY. GSA Capital Partners LLP acquired a new stake in Pagaya Technologies in the 3rd quarter worth about $374,000. Cubist Systematic Strategies LLC boosted its position in shares of Pagaya Technologies by 50.1% in the second 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. The Manufacturers Life Insurance Company purchased a new stake in Pagaya Technologies in the second quarter valued at approximately $187,000. Millennium Management LLC increased its position in Pagaya Technologies by 455.9% during the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after purchasing an additional 179,235 shares during the last quarter. Finally, Yarra Square Partners LP raised its stake in Pagaya Technologies by 29.9% during the second 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. 57.14% of the stock is owned by hedge funds and other institutional investors.

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.