Pagaya Technologies (NASDAQ:PGY) Shares Up 4.5% – Time to Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares shot up 4.5% on Monday . The company traded as high as $9.62 and last traded at $9.69. 953,128 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 1,411,264 shares. The stock had previously closed at $9.28.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PGY shares. Benchmark restated a “buy” rating and issued a $21.00 target price 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 set a “neutral” rating and a $11.00 price objective on the stock. Finally, Canaccord Genuity Group reduced 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. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Pagaya Technologies Stock Up 3.2 %

The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $705.66 million, a P/E ratio of -3.77 and a beta of 6.09. The stock’s 50-day moving average price is $9.58 and its two-hundred day moving average price is $11.28.

Insider Activity

In other news, President Sanjiv Das sold 7,282 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $64,445.70. Following the completion of the transaction, the president now directly owns 91,163 shares in the company, valued at approximately $806,792.55. This trade represents a 7.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tami Rosen sold 7,659 shares of the company’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 transaction of $91,908.00. Following the sale, 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 have sold 214,136 shares of company stock valued at $2,971,828 in the last 90 days. Insiders own 49.56% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in Pagaya Technologies by 455.9% during the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock valued at $2,789,000 after buying an additional 179,235 shares during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Pagaya Technologies during the second quarter worth about $187,000. Cubist Systematic Strategies LLC increased its position in shares of Pagaya Technologies by 50.1% in the second quarter. Cubist Systematic Strategies LLC now owns 43,813 shares of the company’s stock worth $559,000 after purchasing an additional 14,629 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Pagaya Technologies in the third quarter valued at approximately $374,000. Finally, Intech Investment Management LLC bought a new stake in Pagaya Technologies during the third quarter valued at approximately $191,000. Institutional investors own 57.14% of the company’s stock.

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.