Citigroup Issues Positive Forecast for Pagaya Technologies (NASDAQ:PGY) Stock Price

Pagaya Technologies (NASDAQ:PGY - Get Free Report) had its target price upped by investment analysts at Citigroup from $16.50 to $40.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective points to a potential upside of 20.28% from the stock's previous close.

A number of other brokerages have also weighed in on PGY. Oppenheimer boosted their price objective on shares of Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Wall Street Zen upgraded shares of Pagaya Technologies from a "hold" rating to a "buy" rating in a report on Friday. Keefe, Bruyette & Woods increased their price target on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. JMP Securities reissued a "market outperform" rating and issued a $26.00 price target on shares of Pagaya Technologies in a report on Tuesday, June 24th. Finally, Benchmark boosted their price target on Pagaya Technologies from $25.00 to $42.00 and gave the company a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Pagaya Technologies has an average rating of "Moderate Buy" and a consensus target price of $26.70.

Pagaya Technologies Trading Up 6.9%

Shares of PGY traded up $2.14 during mid-day trading on Monday, reaching $33.26. 2,617,461 shares of the company's stock traded hands, compared to its average volume of 2,119,120. The stock's 50-day moving average is $19.10 and its two-hundred day moving average is $13.77. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.79 and a quick ratio of 1.79. Pagaya Technologies has a 12 month low of $8.20 and a 12 month high of $34.21. The stock has a market cap of $2.52 billion, a P/E ratio of -6.58 and a beta of 5.93.

Insider Activity at Pagaya Technologies

In other news, President Sanjiv Das sold 31,382 shares of the company's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $17.15, for a total value of $538,201.30. Following the completion of the transaction, the president owned 74,435 shares in the company, valued at approximately $1,276,560.25. This represents a 29.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Yahav Yulzari sold 241,160 shares of Pagaya Technologies stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total transaction of $4,738,794.00. Following the completion of the transaction, the insider directly owned 3,846,564 shares in the company, valued at $75,584,982.60. The trade was a 5.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,353,907 shares of company stock worth $24,585,322. Corporate insiders own 47.59% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Frontier Capital Management Co. LLC acquired a new stake in Pagaya Technologies during the 4th quarter valued at $28,070,000. Goldman Sachs Group Inc. grew its holdings in Pagaya Technologies by 26.7% during the 1st 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 last quarter. Millennium Management LLC grew its holdings in Pagaya Technologies by 320.1% during the 1st 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 last quarter. Point72 Asset Management L.P. grew its holdings in Pagaya Technologies by 284.3% during the 4th 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 last quarter. Finally, Two Sigma Investments LP grew its holdings in Pagaya Technologies by 359.6% during the 4th quarter. Two Sigma Investments LP now owns 826,119 shares of the company's stock valued at $7,675,000 after buying an additional 646,357 shares during the last quarter. Institutional investors and hedge funds own 57.14% of the company's stock.

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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