ARK Investment Management LLC Takes $2.30 Million Position in Pagaya Technologies Ltd. (NASDAQ:PGY)

Key Points

• ARK Investment Management LLC acquired 219,110 shares of Pagaya Technologies Ltd., valued at approximately $2.3 million, increasing its stake to 0.29% by the end of the reporting period.
• Multiple institutional investors, including Invesco Ltd. and Commonwealth Equity Services LLC, have also recently adjusted their holdings, contributing to 57.14% of Pagaya's stock being owned by institutional entities.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Pagaya Technologies, with an average target price of $26.70, indicating optimism about the firm's future growth prospects.

ARK Investment Management LLC bought a new position in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 219,110 shares of the company's stock, valued at approximately $2,296,000. ARK Investment Management LLC owned 0.29% of Pagaya Technologies at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of PGY. Kestra Private Wealth Services LLC bought a new stake in Pagaya Technologies in the first quarter valued at about $127,000. Private Advisor Group LLC bought a new stake in Pagaya Technologies during the 1st quarter worth approximately $118,000. Archer Investment Corp purchased a new position in Pagaya Technologies in the first quarter valued at approximately $129,000. Bailard Inc. purchased a new stake in shares of Pagaya Technologies in the 1st quarter valued at about $246,000. Finally, CWM LLC grew its stake in shares of Pagaya Technologies by 79,828.6% in the first quarter. CWM LLC now owns 11,190 shares of the company's stock worth $117,000 after purchasing an additional 11,176 shares during the last quarter. Institutional investors own 57.14% of the company's stock.

Insider Activity at Pagaya Technologies

In related news, insider Tami Rosen sold 14,645 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $22.57, for a total transaction of $330,537.65. Following 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Avital Pardo sold 239,989 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total transaction of $4,715,783.85. Following the completion of the sale, the chief technology officer owned 802,961 shares in the company, valued at $15,778,183.65. This represents a 23.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,353,907 shares of company stock worth $24,585,322 in the last 90 days. Corporate insiders own 47.59% of the company's stock.

Pagaya Technologies Trading Up 4.8%

Shares of Pagaya Technologies stock traded up $1.39 during trading hours on Wednesday, hitting $30.47. The company's stock had a trading volume of 1,409,312 shares, compared to its average volume of 2,479,518. The business has a fifty day moving average of $21.45 and a 200 day moving average of $14.81. The company has a market capitalization of $2.31 billion, a PE ratio of -6.00 and a beta of 5.93. Pagaya Technologies Ltd. has a 1-year low of $8.20 and a 1-year high of $34.29. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.82.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on PGY shares. Benchmark upped their target price on shares of Pagaya Technologies from $25.00 to $42.00 and gave the company a "buy" rating in a research report on Friday, July 18th. JMP Securities reiterated a "market outperform" rating and issued a $26.00 price target on shares of Pagaya Technologies in a report on Tuesday, June 24th. Keefe, Bruyette & Woods boosted their target price on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Oppenheimer boosted their price target on shares of Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Citigroup upped their target price on Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Pagaya Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.70.

Pagaya Technologies 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.