Investors Buy High Volume of Pagaya Technologies Call Options (NASDAQ:PGY)

Pagaya Technologies Ltd. (NASDAQ:PGY) was the recipient of unusually large options trading activity on Tuesday. Stock investors acquired 6,711 call options on the stock. This is an increase of 40% compared to the average volume of 4,780 call options.

Pagaya Technologies Trading Up 10.7%

Shares of PGY stock traded up $1.78 on Tuesday, reaching $18.41. 4,826,679 shares of the stock were exchanged, compared to its average volume of 3,934,254. The stock has a market cap of $1.53 billion, a PE ratio of 17.21 and a beta of 5.35. Pagaya Technologies has a one year low of $10.40 and a one year high of $44.99. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09. The stock has a 50 day moving average price of $14.46 and a 200 day moving average price of $15.87.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share (EPS) for the quarter. The firm had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. Equities research analysts forecast that Pagaya Technologies will post 2.92 EPS for the current fiscal year.

Insider Activity

In other news, CEO Gal Krubiner acquired 16,230 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was bought at an average price of $15.43 per share, with a total value of $250,428.90. Following the completion of the acquisition, the chief executive officer owned 555,906 shares in the company, valued at approximately $8,577,629.58. This represents a 3.01% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Cory Vieira sold 2,140 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total value of $32,121.40. Following the completion of the transaction, the chief accounting officer directly owned 18,179 shares in the company, valued at $272,866.79. The trade was a 10.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 80,814 shares of company stock valued at $1,218,391. Corporate insiders own 47.59% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Several institutional investors have recently modified their holdings of the business. Millennium Management LLC raised its stake in shares of Pagaya Technologies by 75.2% during 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 last quarter. Goldman Sachs Group Inc. grew its holdings in Pagaya Technologies by 26.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock worth $17,871,000 after acquiring an additional 359,099 shares during the period. Two Sigma Investments LP grew its holdings in Pagaya Technologies by 5.2% during the 3rd quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock worth $43,127,000 after acquiring an additional 71,639 shares during the period. Renaissance Technologies LLC raised its position in shares of Pagaya Technologies by 27.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company’s stock valued at $28,300,000 after acquiring an additional 290,379 shares during the last quarter. Finally, Nuveen LLC lifted its stake in shares of Pagaya Technologies by 3.7% in the 4th quarter. Nuveen LLC now owns 1,299,274 shares of the company’s stock valued at $27,155,000 after purchasing an additional 46,536 shares during the period. Institutional investors and hedge funds own 57.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price target on shares of Pagaya Technologies in a report on Monday, May 18th. 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. Zacks Research raised shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Finally, Texas Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Pagaya Technologies has an average rating of “Buy” and an average target price of $34.50.

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.