Pagaya Technologies (NASDAQ:PGY) Trading 9% Higher – Should You Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY) traded up 9% on Wednesday . The company traded as high as $11.86 and last traded at $11.83. 2,063,560 shares changed hands during mid-day trading, an increase of 63% from the average session volume of 1,263,058 shares. The stock had previously closed at $10.85.

Analyst Upgrades and Downgrades

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

Pagaya Technologies Price Performance

The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.72. The stock has a market cap of $823.86 million, a price-to-earnings ratio of -8.05 and a beta of 6.36. The company’s 50-day moving average is $12.04 and its 200-day moving average is $12.06.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings results 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). Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. The business had revenue of $250.34 million during the quarter, compared to analyst estimates of $239.16 million. Equities research analysts expect that Pagaya Technologies Ltd. will post -0.15 earnings per share for the current fiscal year.

Insider Transactions at Pagaya Technologies

In related news, CFO Evangelos Perros sold 24,171 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 23,791 shares of the company’s stock, valued at $322,368.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Evangelos Perros sold 24,171 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 23,791 shares of the company’s stock, valued at $322,368.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Tami Rosen sold 8,025 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $14.70, for a total transaction of $117,967.50. Following the completion of the sale, the insider now directly owns 55,751 shares of the company’s stock, valued at approximately $819,539.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,475 shares of company stock valued at $943,456. Corporate insiders own 19.70% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Pagaya Technologies in the 1st quarter valued at $12,686,000. Hood River Capital Management LLC acquired a new position in shares of Pagaya Technologies in the 1st quarter valued at $9,265,000. Quadrature Capital Ltd grew its holdings in shares of Pagaya Technologies by 3,558.5% in the 4th quarter. Quadrature Capital Ltd now owns 784,860 shares of the company’s stock valued at $1,079,000 after buying an additional 763,407 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Pagaya Technologies by 14.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 675,064 shares of the company’s stock valued at $6,818,000 after buying an additional 83,913 shares during the period. Finally, Yarra Square Partners LP grew its holdings in shares of Pagaya Technologies by 29.9% in the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock valued at $7,903,000 after buying an additional 142,500 shares during the period. Institutional investors and hedge funds 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.