B. Riley Forecasts Strong Price Appreciation for Pagaya Technologies (NASDAQ:PGY) Stock

Key Points

• B. Riley has raised the price target for Pagaya Technologies (NASDAQ:PGY) from $46.00 to $54.00, indicating a potential upside of 88.35% from its current price.
• Several equity firms have increased their price targets for Pagaya, with Keefe, Bruyette & Woods setting it at $38.00 and Citigroup at $40.00, while the average price target now stands at $32.20.
• Insider trading activity shows that executives have sold significant shares, with one CTO selling 239,989 shares for approximately $4.7 million, leading to a notable decrease in their ownership stakes.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) had its price target increased by research analysts at B. Riley from $46.00 to $54.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley's price objective suggests a potential upside of 59.15% from the stock's previous close.

Other equities analysts have also issued research reports about the company. Oppenheimer boosted their price objective on Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Citigroup boosted their price objective on Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Canaccord Genuity Group boosted their price objective on Pagaya Technologies from $28.00 to $36.00 and gave the stock a "buy" rating in a research note on Monday. Wall Street Zen raised Pagaya Technologies from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Finally, Stephens initiated coverage on Pagaya Technologies in a research note on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $34.33.

Pagaya Technologies Price Performance

NASDAQ:PGY traded up $2.38 during trading hours on Monday, reaching $33.93. The company had a trading volume of 5,673,971 shares, compared to its average volume of 4,273,860. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $2.57 billion, a PE ratio of -8.86 and a beta of 5.95. The stock has a 50-day moving average of $24.62 and a two-hundred day moving average of $16.42. Pagaya Technologies has a one year low of $8.20 and a one year high of $41.48.

Insider Transactions at Pagaya Technologies

In other news, CTO Avital Pardo sold 239,989 shares of the company's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $19.65, for a total transaction of $4,715,783.85. Following the transaction, the chief technology officer owned 802,961 shares of the company's stock, valued at $15,778,183.65. This represents a 23.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Yahav Yulzari sold 241,160 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total value of $4,738,794.00. Following the transaction, the insider directly owned 3,846,564 shares in the company, valued at $75,584,982.60. This trade represents a 5.90% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 878,155 shares of company stock worth $17,372,922. 47.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds have recently added to or reduced their stakes in the stock. Frontier Capital Management Co. LLC acquired a new position in Pagaya Technologies in the fourth quarter valued at about $28,070,000. Goldman Sachs Group Inc. lifted its stake 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 valued at $17,871,000 after buying an additional 359,099 shares during the period. JPMorgan Chase & Co. lifted its stake in Pagaya Technologies by 436.9% in the second quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company's stock valued at $29,534,000 after buying an additional 1,127,242 shares during the period. Millennium Management LLC lifted its stake in Pagaya Technologies by 320.1% in the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock valued at $13,230,000 after buying an additional 961,944 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in Pagaya Technologies by 284.3% in the fourth quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company's stock valued at $11,133,000 after buying an additional 886,539 shares during the period. Institutional investors and hedge funds own 57.14% of the company's stock.

About Pagaya Technologies

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.