Pagaya Technologies (NASDAQ:PGY) Trading Up 12.3% – Here’s What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price was up 12.3% during trading on Thursday . The stock traded as high as $15.55 and last traded at $15.6730. Approximately 1,742,905 shares traded hands during trading, a decline of 55% from the average daily volume of 3,844,725 shares. The stock had previously closed at $13.96.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PGY shares. Weiss Ratings cut Pagaya Technologies from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, April 24th. Jefferies Financial Group reduced their target price on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Citigroup reduced their target price on Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Canaccord Genuity Group reiterated a “buy” rating and set a $32.00 target price on shares of Pagaya Technologies in a research note on Monday, May 18th. Finally, Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $33.11.

Pagaya Technologies Price Performance

The company has a 50 day moving average of $13.44 and a 200-day moving average of $16.83. The stock has a market capitalization of $1.21 billion, a P/E ratio of 13.61 and a beta of 5.35. The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) earnings per share (EPS) for the quarter. Pagaya Technologies had a return on equity of 44.75% and a net margin of 7.39%.The firm had revenue of $91.63 million for the quarter. Sell-side analysts predict that Pagaya Technologies Ltd. will post 2.92 EPS for the current year.

Insider Transactions at Pagaya Technologies

In related news, CAO Cory Vieira sold 2,140 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total transaction of $32,121.40. Following the transaction, the chief accounting officer directly owned 18,179 shares in the company, valued at $272,866.79. This trade represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Sanjiv Das sold 9,702 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $10.99, for a total value of $106,624.98. Following the transaction, the president owned 144,034 shares in the company, valued at $1,582,933.66. This trade represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 48,896 shares of company stock valued at $590,859. Company insiders own 47.59% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Several large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC increased its position in Pagaya Technologies by 75.2% in the fourth quarter. Millennium Management LLC now owns 1,738,760 shares of the company’s stock worth $36,340,000 after buying an additional 746,216 shares during the period. Goldman Sachs Group Inc. increased its position in Pagaya Technologies by 26.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock worth $17,871,000 after buying an additional 359,099 shares during the period. Two Sigma Investments LP increased its position in Pagaya Technologies by 5.2% in the third quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock worth $43,127,000 after buying an additional 71,639 shares during the period. Renaissance Technologies LLC increased its position in Pagaya Technologies by 27.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company’s stock worth $28,300,000 after buying an additional 290,379 shares during the period. Finally, Nuveen LLC increased its position in Pagaya Technologies by 3.7% in the fourth quarter. Nuveen LLC now owns 1,299,274 shares of the company’s stock worth $27,155,000 after buying an additional 46,536 shares during the period. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Company Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.