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

Pagaya Technologies Ltd. (NASDAQ:PGY) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 5,490,000 shares, an increase of 213.7% from the September 15th total of 1,750,000 shares. Based on an average daily trading volume, of 1,470,000 shares, the days-to-cover ratio is currently 3.7 days. Currently, 15.9% of the company’s shares are sold short.

Insiders Place Their Bets

In related news, CFO Evangelos Perros sold 24,171 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total transaction of $327,517.05. Following the completion of the sale, the chief financial officer now directly owns 23,791 shares of the company’s stock, valued at approximately $322,368.05. 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. In related news, President Sanjiv Das sold 10,794 shares of the firm’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $14.57, for a total transaction of $157,268.58. Following the completion of the sale, the president now directly owns 66,232 shares of the company’s stock, valued at approximately $965,000.24. 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, CFO Evangelos Perros sold 24,171 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total transaction of $327,517.05. Following the sale, the chief financial officer now directly owns 23,791 shares of the company’s stock, valued at approximately $322,368.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,453 shares of company stock worth $973,545 over the last ninety days. 19.70% of the stock is owned by company insiders.

Institutional Trading of Pagaya Technologies

Several hedge funds have recently bought and sold shares of the company. nVerses Capital LLC acquired a new position in Pagaya Technologies during the 2nd quarter valued at about $74,000. SG Americas Securities LLC acquired a new position in Pagaya Technologies during the 2nd quarter valued at about $101,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Pagaya Technologies during the 2nd quarter valued at about $166,000. Cubist Systematic Strategies LLC increased its stake in Pagaya Technologies by 50.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 43,813 shares of the company’s stock valued at $559,000 after buying an additional 14,629 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in Pagaya Technologies during the 2nd quarter valued at about $187,000. 57.14% of the stock is currently owned by institutional investors.

Pagaya Technologies Stock Performance

Shares of Pagaya Technologies stock traded down $0.01 during trading hours on Thursday, reaching $9.89. The company’s stock had a trading volume of 1,032,551 shares, compared to its average volume of 1,257,504. The company’s 50 day simple moving average is $12.26 and its 200 day simple moving average is $12.03. 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 has a one year low of $8.56 and a one year high of $20.50. The stock has a market cap of $701.20 million, a P/E ratio of -7.01 and a beta of 6.36.

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

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wedbush reissued a “neutral” rating and set a $13.00 price objective on shares of Pagaya Technologies in a report on Monday, August 12th. Oppenheimer assumed coverage on shares of Pagaya Technologies in a report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price objective for the company. Keefe, Bruyette & Woods assumed coverage on shares of Pagaya Technologies in a report on Monday, June 17th. They set an “outperform” rating and a $23.00 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. Finally, Benchmark assumed coverage on shares of Pagaya Technologies in a report on Monday, August 26th. They set a “buy” rating and a $21.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.89.

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.