Pagaya Technologies (NASDAQ:PGY) Shares Up 7.3% – Still a Buy?

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

Wall Street Analysts Forecast Growth

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

Pagaya Technologies Trading Up 7.9 %

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The business’s 50-day moving average price is $10.45 and its two-hundred day moving average price is $11.87. The company has a market capitalization of $738.03 million, a P/E ratio of -3.94 and a beta of 6.11.

Insiders Place Their Bets

In related news, President Sanjiv Das sold 10,683 shares of the stock in a transaction that occurred 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 completion of the transaction, the president now directly owns 64,794 shares of the company’s stock, valued at approximately $762,625.38. This represents a 14.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tami Rosen sold 7,659 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $12.00, for a total value of $91,908.00. Following the transaction, the insider now directly owns 65,857 shares in the company, valued at $790,284. This trade represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 186,045 shares of company stock worth $2,755,982 over the last ninety days. 49.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC bought a new position in shares of Pagaya Technologies during the 2nd quarter worth approximately $74,000. BNP Paribas Financial Markets raised its stake in Pagaya Technologies by 48.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock valued at $103,000 after acquiring an additional 3,181 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Pagaya Technologies during the 2nd quarter valued at $166,000. The Manufacturers Life Insurance Company bought a new position in Pagaya Technologies during the second quarter worth $187,000. Finally, Intech Investment Management LLC acquired a new position in shares of Pagaya Technologies in the third quarter valued at $191,000. 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.