Canaccord Genuity Group Issues Positive Forecast for Pagaya Technologies (NASDAQ:PGY) Stock Price

Key Points

• Canaccord Genuity Group has increased its price target for Pagaya Technologies (NASDAQ:PGY) from $28.00 to $36.00, indicating a potential upside of 25.57% from the company's previous close.
• The stock currently holds an average rating of "Moderate Buy" from analysts, with two holding ratings and nine buy ratings, reflecting positive sentiment in the market.
• Insider selling has occurred recently, with notable transactions by executives, underscoring a 5.90% decrease in ownership for one insider following the sale of 241,160 shares.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) had its price objective increased by equities researchers at Canaccord Genuity Group from $28.00 to $36.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would suggest a potential upside of 25.57% from the company's previous close.

PGY has been the subject of several other reports. Wall Street Zen upgraded Pagaya Technologies from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Stephens assumed coverage on Pagaya Technologies in a research report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price target for the company. Citigroup upped their price target on Pagaya Technologies from $16.50 to $40.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Oppenheimer upped their price target on Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods upped their price target on Pagaya Technologies from $27.00 to $38.00 and gave the company an "outperform" rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $29.50.

Pagaya Technologies Price Performance

NASDAQ:PGY opened at $28.67 on Monday. Pagaya Technologies has a 12 month low of $8.20 and a 12 month high of $41.48. The stock has a 50 day moving average of $23.78 and a two-hundred day moving average of $16.06. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85. The firm has a market cap of $2.17 billion, a P/E ratio of -7.49 and a beta of 5.95.

Insiders Place Their Bets

In related news, insider Yahav Yulzari sold 241,160 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was 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 approximately $75,584,982.60. This represents a 5.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tami Rosen sold 14,645 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $22.57, for a total value of $330,537.65. Following the completion of the transaction, the insider owned 49,440 shares in the company, valued at $1,115,860.80. This represents a 22.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 878,155 shares of company stock valued at $17,372,922. Insiders own 47.59% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Frontier Capital Management Co. LLC acquired a new position in Pagaya Technologies during the fourth quarter worth $28,070,000. Goldman Sachs Group Inc. raised its stake in shares of 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 acquiring an additional 359,099 shares in the last quarter. Millennium Management LLC raised its stake in shares of 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 acquiring an additional 961,944 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of 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 acquiring an additional 886,539 shares in the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of Pagaya Technologies by 359.6% in the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company's stock valued at $7,675,000 after acquiring an additional 646,357 shares in the last quarter. 57.14% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.