Pagaya Technologies (NASDAQ:PGY) Sees Strong Trading Volume – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY) saw strong trading volume on Tuesday . 5,899,922 shares traded hands during trading, an increase of 122% from the previous session’s volume of 2,663,168 shares.The stock last traded at $17.78 and had previously closed at $15.37.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. JMP Securities lifted their price target on shares of Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a report on Friday, February 14th. UBS Group started coverage on shares of Pagaya Technologies in a research report on Friday, December 20th. They set a “neutral” rating and a $11.00 price target on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a report on Thursday, February 13th. Finally, Citigroup raised shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $13.00 to $14.50 in a research report on Friday, February 7th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.17.

Pagaya Technologies Trading Down 2.7 %

The business has a 50 day moving average of $10.39 and a 200-day moving average of $11.19. 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 firm has a market capitalization of $1.18 billion, a P/E ratio of -2.92 and a beta of 6.09.

Pagaya Technologies (NASDAQ:PGY) last released its earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.32). Pagaya Technologies had a negative net margin of 39.20% and a positive return on equity of 0.82%. The firm had revenue of $279.39 million during the quarter, compared to the consensus estimate of $264.28 million. During the same period in the prior year, the business posted $0.24 earnings per share. Analysts anticipate that Pagaya Technologies Ltd. will post 0.82 EPS for the current fiscal year.

Insider Buying and Selling at Pagaya Technologies

In other news, CFO Evangelos Perros sold 21,305 shares of Pagaya Technologies stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $212,410.85. Following the completion of the sale, the chief financial officer now owns 54,029 shares of the company’s stock, valued at approximately $538,669.13. This trade represents a 28.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Sanjiv Das sold 6,343 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were 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 directly owns 75,528 shares of the company’s stock, valued at approximately $753,014.16. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,692 shares of company stock valued at $1,205,379 in the last quarter. 49.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. PharVision Advisers LLC bought a new stake in shares of Pagaya Technologies during the fourth quarter worth about $109,000. Voloridge Investment Management LLC grew its holdings in shares of Pagaya Technologies by 200.9% during the fourth quarter. Voloridge Investment Management LLC now owns 149,978 shares of the company’s stock worth $1,393,000 after purchasing an additional 100,127 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of Pagaya Technologies by 1,942.7% during the fourth quarter. Two Sigma Advisers LP now owns 232,682 shares of the company’s stock worth $2,162,000 after purchasing an additional 221,291 shares during the last quarter. Two Sigma Investments LP grew its holdings in shares of Pagaya Technologies by 359.6% during the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company’s stock worth $7,675,000 after purchasing an additional 646,357 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Pagaya Technologies by 11.3% during the fourth quarter. Tidal Investments LLC now owns 45,971 shares of the company’s stock worth $427,000 after purchasing an additional 4,649 shares during the last quarter. 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.