Pagaya Technologies (NASDAQ:PGY) Trading Up 7.3% – Here’s What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price was up 7.3% during trading on Thursday . The company traded as high as $10.06 and last traded at $9.97. Approximately 367,229 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,420,271 shares. The stock had previously closed at $9.29.

Analyst Upgrades and Downgrades

PGY has been the topic of a number of research reports. 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. UBS Group began coverage on Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective for the company. Oppenheimer assumed coverage on Pagaya Technologies in a report on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 target price on the stock. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Finally, Canaccord Genuity Group dropped their target price on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Pagaya Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Pagaya Technologies Stock Up 8.1 %

The stock has a market capitalization of $766.76 million, a price-to-earnings ratio of -4.10 and a beta of 6.11. 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’s fifty day simple moving average is $10.38 and its 200 day simple moving average is $11.84.

Insider Buying and Selling

In other news, President Sanjiv Das sold 6,343 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $63,239.71. Following the completion of the transaction, the president now owns 75,528 shares in the company, valued at $753,014.16. This trade represents a 7.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Evangelos Perros sold 21,305 shares of Pagaya Technologies 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 transaction, the chief financial officer now owns 54,029 shares of the company’s stock, valued at $538,669.13. The trade was a 28.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 235,240 shares of company stock worth $3,246,456 over the last ninety days. Company insiders own 49.56% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds have recently modified their holdings of PGY. Point72 Asset Management L.P. grew 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 buying an additional 304,890 shares during the last quarter. Arizona PSPRS Trust purchased a new position in Pagaya Technologies in the third quarter valued at approximately $2,183,000. Millennium Management LLC grew its stake in shares of Pagaya Technologies by 455.9% during the 2nd 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 period. Divisadero Street Capital Management LP purchased a new position in shares of Pagaya Technologies in the second quarter worth about $2,273,000. Finally, Yarra Square Partners LP grew its stake in 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 in the last quarter. Institutional investors and hedge funds 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.