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

Pagaya Technologies Ltd. (NASDAQ:PGY) shares shot up 7.3% during mid-day trading on Friday . The stock traded as high as $21.77 and last traded at $21.72. 995,573 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 3,730,446 shares. The stock had previously closed at $20.24.

Analysts Set New Price Targets

PGY has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Jefferies Financial Group upped their price objective on shares of Pagaya Technologies from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday. B. Riley Financial upped their price target on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Citizens Jmp raised their target price on shares of Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, July 31st. Finally, Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $32.00.

Pagaya Technologies Stock Up 7.0%

The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08. The stock’s 50-day moving average price is $18.09 and its two-hundred day moving average price is $14.90. The stock has a market capitalization of $1.81 billion, a PE ratio of 15.93 and a beta of 5.33.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, CAO Cory Vieira sold 2,140 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total value of $32,121.40. Following the sale, the chief accounting officer owned 18,179 shares in the company, valued at approximately $272,866.79. This represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Sanjiv Das sold 21,289 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $22.00, for a total transaction of $468,358.00. Following the transaction, the president directly owned 144,186 shares of the company’s stock, valued at $3,172,092. This represents a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 107,560 shares of company stock valued at $2,011,541 over the last three months. 41.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC lifted its holdings in shares of Pagaya Technologies by 4,562.7% during the first quarter. Empowered Funds LLC now owns 116,661 shares of the company’s stock valued at $1,359,000 after purchasing an additional 114,159 shares in the last quarter. SPX Gestao de Recursos Ltda boosted its position in shares of Pagaya Technologies by 49.7% during the first quarter. SPX Gestao de Recursos Ltda now owns 180,100 shares of the company’s stock valued at $2,098,000 after buying an additional 59,800 shares during the last quarter. SG Americas Securities LLC bought a new stake in Pagaya Technologies in the 1st quarter worth about $1,426,000. Watershed Asset Management L.L.C. bought a new stake in Pagaya Technologies in the 1st quarter worth about $463,000. Finally, Q Global Advisors LLC raised its position in Pagaya Technologies by 324.8% in the 1st quarter. Q Global Advisors LLC now owns 537,551 shares of the company’s stock worth $6,262,000 after buying an additional 410,996 shares during the last quarter. Hedge funds and other institutional investors own 57.14% of the company’s stock.

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.