Pagaya Technologies (NASDAQ:PGY) Trading Up 7.4% – Here’s Why

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) rose 7.4% during trading on Friday . The stock traded as high as $9.92 and last traded at $9.84. Approximately 1,108,320 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 1,456,806 shares. The stock had previously closed at $9.16.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PGY shares. Canaccord Genuity Group decreased their price objective on shares of Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. B. Riley lowered their price target on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Pagaya Technologies in a report on Wednesday, October 16th. UBS Group initiated coverage on Pagaya Technologies in a research note on Friday, December 20th. They issued a “neutral” rating and a $11.00 target price on the stock. Finally, Oppenheimer initiated coverage on Pagaya Technologies in a research note on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price target for the company. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Pagaya Technologies Price Performance

The stock’s 50 day simple moving average is $9.54 and its 200 day simple moving average is $11.50. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market capitalization of $715.02 million, a P/E ratio of -3.84 and a beta of 6.12.

Insider Buying and Selling

In other Pagaya Technologies news, CFO Evangelos Perros sold 21,305 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $212,410.85. Following the completion of the sale, the chief financial officer now directly owns 54,029 shares in the company, valued at approximately $538,669.13. This trade represents a 28.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Yahav Yulzari sold 150,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.50, for a total value of $2,325,000.00. Following the sale, the insider now owns 161,637 shares in the company, valued at $2,505,373.50. The trade was a 48.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 231,706 shares of company stock valued at $3,183,722 over the last 90 days. Corporate insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of hedge funds have recently modified their holdings of PGY. State Street Corp raised its stake in shares of Pagaya Technologies by 14.6% during the 3rd quarter. State Street Corp now owns 763,823 shares of the company’s stock worth $8,074,000 after buying an additional 97,135 shares during the period. Geode Capital Management LLC raised its position in shares of Pagaya Technologies by 7.8% during the 3rd quarter. Geode Capital Management LLC now owns 596,992 shares of the company’s stock worth $6,310,000 after purchasing an additional 43,068 shares during the last quarter. FMR LLC boosted its holdings in Pagaya Technologies by 8.3% in the 3rd quarter. FMR LLC now owns 524,570 shares of the company’s stock worth $5,545,000 after buying an additional 40,031 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Pagaya Technologies by 4,374.9% during the third quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after acquiring an additional 304,890 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Pagaya Technologies by 455.9% in the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after acquiring an additional 179,235 shares during the last quarter. Hedge funds and other institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

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.