Benchmark Forecasts Strong Price Appreciation for Pagaya Technologies (NASDAQ:PGY) Stock

Pagaya Technologies (NASDAQ:PGY - Get Free Report) had its price objective increased by investment analysts at Benchmark from $25.00 to $42.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's target price suggests a potential upside of 42.37% from the company's current price.

Other equities research analysts have also recently issued research reports about the company. JMP Securities reissued a "market outperform" rating and issued a $26.00 price objective on shares of Pagaya Technologies in a research note on Tuesday, June 24th. Wall Street Zen cut shares of Pagaya Technologies from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Oppenheimer increased their target price on shares of Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods lifted their price objective on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Finally, Stephens began coverage on Pagaya Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price objective for the company. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Pagaya Technologies has an average rating of "Moderate Buy" and an average price target of $24.15.

Pagaya Technologies Stock Performance

PGY opened at $29.50 on Friday. The business's fifty day moving average is $18.77 and its 200-day moving average is $13.56. The firm has a market cap of $2.23 billion, a P/E ratio of -5.82 and a beta of 5.93. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.79 and a current ratio of 1.79. Pagaya Technologies has a 52-week low of $8.20 and a 52-week high of $29.95.

Insider Activity

In other news, CFO Evangelos Perros sold 12,755 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $22.57, for a total transaction of $287,880.35. Following the sale, the chief financial officer directly owned 82,870 shares in the company, valued at approximately $1,870,375.90. This represents a 13.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Sanjiv Das sold 12,742 shares of the stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $25.95, for a total value of $330,654.90. Following the transaction, the president directly owned 98,562 shares of the company's stock, valued at approximately $2,557,683.90. The trade was a 11.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,345,423 shares of company stock valued at $24,329,530 over the last three months. Company insiders own 47.59% of the company's stock.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in PGY. Swiss National Bank raised its stake in shares of Pagaya Technologies by 8.9% in the fourth quarter. Swiss National Bank now owns 75,583 shares of the company's stock valued at $702,000 after acquiring an additional 6,200 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Pagaya Technologies by 21.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 22,828 shares of the company's stock worth $212,000 after buying an additional 3,965 shares during the last quarter. Quantbot Technologies LP lifted its stake in Pagaya Technologies by 20.6% in the 4th quarter. Quantbot Technologies LP now owns 89,796 shares of the company's stock valued at $834,000 after purchasing an additional 15,358 shares during the last quarter. American Century Companies Inc. acquired a new stake in Pagaya Technologies during the fourth quarter worth approximately $382,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Pagaya Technologies in the fourth quarter valued at approximately $67,000. 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.

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