Pagaya Technologies (NASDAQ:PGY) Trading 6.5% Higher

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price shot up 6.5% during trading on Wednesday . The company traded as high as $11.88 and last traded at $11.83. 348,509 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 1,157,848 shares. The stock had previously closed at $11.11.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PGY shares. Benchmark restated a “buy” rating and set a $22.00 target price on shares of Pagaya Technologies in a research note on Friday, May 10th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $42.00 target price on shares of Pagaya Technologies in a report on Thursday, May 9th. Citigroup began coverage on Pagaya Technologies in a research note on Friday, May 24th. They set a “neutral” rating and a $14.00 price target for the company. Wedbush reduced their price objective on Pagaya Technologies from $18.00 to $11.50 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, JMP Securities decreased their price target on shares of Pagaya Technologies from $30.00 to $25.00 and set a “market outperform” rating on the stock in a research note on Monday, April 8th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.50.

Pagaya Technologies Stock Performance

The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.61. The stock’s 50-day moving average price is $10.80 and its 200-day moving average price is $13.60. The company has a market capitalization of $829.53 million, a P/E ratio of -8.33 and a beta of 6.49.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). Pagaya Technologies had a negative net margin of 10.53% and a negative return on equity of 4.23%. The company had revenue of $237.00 million for the quarter, compared to analyst estimates of $229.45 million. During the same quarter in the prior year, the firm earned ($0.48) EPS. As a group, equities analysts expect that Pagaya Technologies Ltd. will post -0.17 EPS for the current year.

Insider Activity at Pagaya Technologies

In other news, insider Tami Rosen bought 10,000 shares of the business’s stock in a transaction on Friday, April 5th. The shares were bought at an average cost of $10.47 per share, with a total value of $104,700.00. Following the purchase, the insider now directly owns 28,818 shares in the company, valued at $301,724.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CRO Yahav Yulzari purchased 60,000 shares of Pagaya Technologies stock in a transaction on Wednesday, April 3rd. The stock was purchased at an average cost of $10.17 per share, with a total value of $610,200.00. Following the acquisition, the executive now directly owns 299,699 shares in the company, valued at $3,047,938.83. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Tami Rosen purchased 10,000 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were purchased at an average price of $10.47 per share, for a total transaction of $104,700.00. Following the completion of the purchase, the insider now directly owns 28,818 shares of the company’s stock, valued at $301,724.46. The disclosure for this purchase can be found here. Insiders have purchased a total of 194,807 shares of company stock worth $2,012,373 over the last ninety days.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James & Associates raised its stake in shares of Pagaya Technologies by 43.5% in the third quarter. Raymond James & Associates now owns 131,967 shares of the company’s stock worth $209,000 after acquiring an additional 40,000 shares during the last quarter. NewEdge Wealth LLC acquired a new stake in shares of Pagaya Technologies in the 3rd quarter valued at $751,000. Pathstone Family Office LLC acquired a new position in Pagaya Technologies in the 3rd quarter worth $32,000. Citigroup Inc. increased its position in shares of Pagaya Technologies by 88.0% in the third quarter. Citigroup Inc. now owns 309,747 shares of the company’s stock valued at $489,000 after acquiring an additional 145,004 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in Pagaya Technologies in the 3rd quarter valued at about $38,000. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Company Profile

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.