Pagaya Technologies (NASDAQ:PGY) Stock Price Up 7.1% – Here’s Why

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) rose 7.1% during mid-day trading on Monday . The stock traded as high as $12.09 and last traded at $12.18. Approximately 362,362 shares changed hands during trading, a decline of 79% from the average daily volume of 1,692,548 shares. The stock had previously closed at $11.37.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PGY shares. UBS Group assumed coverage on Pagaya Technologies in a report on Friday, December 20th. They issued a “neutral” rating and a $11.00 target price on the stock. JMP Securities lifted their price target on Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a report on Friday, February 14th. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. B. Riley reiterated a “buy” rating and set a $36.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Thursday, February 13th. Two equities 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.61.

Pagaya Technologies Stock Down 0.6 %

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 50-day moving average of $11.40 and a 200-day moving average of $10.92. The firm has a market cap of $910.39 million, a price-to-earnings ratio of -2.25 and a beta of 5.98.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data 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 quarter in the prior year, the business earned $0.24 earnings per share. As a group, sell-side analysts forecast that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Sanjiv Das sold 7,282 shares of Pagaya Technologies 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 transaction, the president now directly owns 91,163 shares of the company’s stock, valued at $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 SEC, which is available at this link. Also, insider Tami Rosen sold 21,547 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $214,823.59. Following the completion of the sale, the insider now owns 73,550 shares of the company’s stock, valued at approximately $733,293.50. This trade represents a 22.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,692 shares of company stock worth $1,205,379. 49.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PGY. R Squared Ltd acquired a new stake in Pagaya Technologies in the fourth quarter valued at approximately $30,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Pagaya Technologies during the fourth quarter worth $43,000. Nisa Investment Advisors LLC acquired a new stake in shares of Pagaya Technologies in the fourth quarter worth $57,000. KLP Kapitalforvaltning AS bought a new stake in Pagaya Technologies during the 4th quarter valued at approximately $67,000. Finally, Jefferies Financial Group Inc. bought a new stake in Pagaya Technologies in the 4th quarter valued at $93,000. Institutional investors and hedge funds 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.