Pagaya Technologies (NASDAQ:PGY) Trading 6.2% Higher – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY) traded up 6.2% during mid-day trading on Thursday . The stock traded as high as $11.72 and last traded at $11.64. 337,808 shares traded hands during trading, a decline of 73% from the average session volume of 1,259,002 shares. The stock had previously closed at $10.96.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wedbush reiterated a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a research report on Monday, August 12th. JMP Securities reiterated a “market outperform” rating and set a $25.00 price target on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Canaccord Genuity Group cut their target price on shares of Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. B. Riley cut 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. Finally, Benchmark restated a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.89.

Pagaya Technologies Price Performance

The company’s 50 day moving average price is $11.94 and its 200-day moving average price is $12.12. The stock has a market cap of $850.80 million, a P/E ratio of -8.51 and a beta of 6.36. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.72.

Pagaya Technologies (NASDAQ:PGY) last released 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). The business had revenue of $250.34 million for 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, sell-side analysts expect that Pagaya Technologies Ltd. will post -0.15 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Yahav Yulzari bought 23,600 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $10.52 per share, with a total value of $248,272.00. Following the completion of the purchase, the insider now directly owns 311,637 shares of the company’s stock, valued at approximately $3,278,421.24. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Yahav Yulzari bought 23,600 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average price of $10.52 per share, with a total value of $248,272.00. Following the completion of the purchase, the insider now directly owns 311,637 shares of the company’s stock, valued at approximately $3,278,421.24. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, President Sanjiv Das sold 10,683 shares of Pagaya Technologies stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $11.77, for a total transaction of $125,738.91. Following the transaction, the president now directly owns 64,794 shares of the company’s stock, valued at $762,625.38. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,275 shares of company stock valued at $940,334 over the last quarter. Insiders own 19.70% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of PGY. nVerses Capital LLC bought a new stake in Pagaya Technologies in the second quarter valued at $74,000. SG Americas Securities LLC bought a new stake in Pagaya Technologies in the second quarter valued at $101,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Pagaya Technologies in the second quarter valued at $166,000. The Manufacturers Life Insurance Company bought a new stake in Pagaya Technologies in the second quarter valued at $187,000. Finally, Castle Hook Partners LP bought a new stake in Pagaya Technologies in the first quarter valued at $188,000. 57.14% of the stock is owned by 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.