Traders Purchase High Volume of Pagaya Technologies Call Options (NASDAQ:PGY)

Pagaya Technologies Ltd. (NASDAQ:PGY) was the recipient of some unusual options trading activity on Monday. Stock traders acquired 14,639 call options on the stock. This is an increase of 216% compared to the average volume of 4,638 call options.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, Director Tami Rosen sold 8,504 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $20.38, for a total transaction of $173,311.52. Following the completion of the sale, the director directly owned 15,400 shares in the company, valued at $313,852. This trade represents a 35.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Sanjiv Das sold 14,300 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $17.04, for a total value of $243,672.00. Following the sale, the president owned 173,864 shares of the company’s stock, valued at approximately $2,962,642.56. This represents a 7.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 48,647 shares of company stock valued at $931,283 in the last three months. 41.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alps Advisors Inc. bought a new position in Pagaya Technologies in the 3rd quarter valued at about $468,000. Kestra Advisory Services LLC acquired a new position in shares of Pagaya Technologies in the 3rd quarter valued at approximately $810,000. State of Wyoming lifted its holdings in shares of Pagaya Technologies by 24.7% during the 3rd quarter. State of Wyoming now owns 7,086 shares of the company’s stock worth $123,000 after acquiring an additional 1,404 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in shares of Pagaya Technologies during the 3rd quarter worth approximately $404,000. Finally, Banque Pictet & Cie SA acquired a new stake in shares of Pagaya Technologies during the 3rd quarter worth approximately $219,000. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Stock Performance

Shares of PGY traded down $0.20 during mid-day trading on Tuesday, hitting $17.93. 147,586 shares of the company’s stock were exchanged, compared to its average volume of 3,368,266. Pagaya Technologies has a 52 week low of $10.40 and a 52 week high of $29.75. The stock’s 50-day simple moving average is $19.68 and its 200-day simple moving average is $16.55. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 10.87 and a beta of 5.50. The company has a quick ratio of 11.08, a current ratio of 11.08 and a debt-to-equity ratio of 1.12.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings results on Thursday, October 29th. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.60. The company had revenue of $390.49 million during the quarter, compared to the consensus estimate of $382.10 million. Pagaya Technologies had a net margin of 9.12% and a return on equity of 51.56%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 earnings per share. On average, equities research analysts expect that Pagaya Technologies will post 3.36 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on PGY. Zacks Research lowered Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Canaccord Genuity Group increased their price objective on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Citizens Jmp lifted their target price on Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, July 31st. B. Riley Financial reissued a “buy” rating and issued a $38.00 target price (up from $36.00) on shares of Pagaya Technologies in a research report on Friday. Finally, TD Cowen boosted their target price on shares of Pagaya Technologies from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Pagaya Technologies has a consensus rating of “Buy” and an average target price of $31.62.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and machine learning to help financial institutions expand access to credit and other financial products. Its technology platform analyzes large volumes of data to evaluate assets, identify investment opportunities and support lending decisions.

The company works with banks, lenders and other financial institutions, as well as institutional investors. Through its network-based platform, Pagaya helps partners originate loans and other assets while connecting those assets with institutional funding and capital markets solutions.