Archer Investment Corp Purchases New Shares in Pagaya Technologies Ltd. (NASDAQ:PGY)

Archer Investment Corp acquired a new stake in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 12,350 shares of the company's stock, valued at approximately $129,000.

Other hedge funds also recently modified their holdings of the company. Frontier Capital Management Co. LLC bought a new stake in Pagaya Technologies during the 4th quarter valued at $28,070,000. Point72 Asset Management L.P. increased its stake 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 purchasing an additional 886,539 shares in the last quarter. Two Sigma Investments LP grew its stake in shares of Pagaya Technologies by 359.6% in the 4th quarter. Two Sigma Investments LP now owns 826,119 shares of the company's stock worth $7,675,000 after acquiring an additional 646,357 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Pagaya Technologies by 310.6% in the 4th quarter. JPMorgan Chase & Co. now owns 625,351 shares of the company's stock worth $5,810,000 after acquiring an additional 473,063 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Pagaya Technologies by 446.1% in the 1st quarter. Bank of New York Mellon Corp now owns 482,018 shares of the company's stock worth $5,052,000 after acquiring an additional 393,752 shares in the last quarter. Institutional investors own 57.14% of the company's stock.

Insider Buying and Selling at Pagaya Technologies

In related news, insider Tami Rosen sold 13,821 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $21.85, for a total transaction of $301,988.85. Following the completion of the transaction, the insider directly owned 35,619 shares in the company, valued at approximately $778,275.15. The trade was a 27.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Avital Pardo sold 54,254 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $20.24, for a total value of $1,098,100.96. Following the transaction, the chief technology officer owned 1,042,950 shares of the company's stock, valued at approximately $21,109,308. This trade represents a 4.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,353,907 shares of company stock worth $24,585,322. 47.59% of the stock is owned by corporate insiders.

Pagaya Technologies Stock Performance

NASDAQ:PGY traded up $1.62 during mid-day trading on Friday, reaching $31.12. The company's stock had a trading volume of 5,864,389 shares, compared to its average volume of 2,116,741. Pagaya Technologies Ltd. has a 12-month low of $8.20 and a 12-month high of $31.95. The firm's fifty day moving average price is $19.10 and its two-hundred day moving average price is $13.74. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.82. The stock has a market cap of $2.36 billion, a P/E ratio of -6.14 and a beta of 5.93.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PGY shares. Keefe, Bruyette & Woods boosted 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. Stephens initiated coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price target on the stock. Wall Street Zen raised shares of Pagaya Technologies from a "hold" rating to a "buy" rating in a report on Friday. JMP Securities reaffirmed a "market outperform" rating and set a $26.00 price objective on shares of Pagaya Technologies in a report on Tuesday, June 24th. Finally, Oppenheimer increased their price target 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. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $24.15.

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.