ARK Investment Management LLC Decreases Stake in Pagaya Technologies Ltd. $PGY

Key Points

• ARK Investment Management LLC reduced its stake in Pagaya Technologies by 21.2%, leaving it with approximately 0.23% ownership valued at $3.68 million.
• Pagaya Technologies received mixed analyst ratings, with several firms increasing price targets and giving a consensus rating of "Moderate Buy" and a target price of $34.33.
• Insider trading activity was notable, with executives selling a total of 95,081 shares worth approximately $3.47 million in the last quarter.

ARK Investment Management LLC reduced its position in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 21.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 172,750 shares of the company's stock after selling 46,360 shares during the period. ARK Investment Management LLC owned approximately 0.23% of Pagaya Technologies worth $3,683,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGY. MassMutual Private Wealth & Trust FSB bought a new position in shares of Pagaya Technologies during the second quarter worth about $25,000. Virtus Advisers LLC bought a new position in shares of Pagaya Technologies during the first quarter worth about $35,000. GAMMA Investing LLC lifted its position in shares of Pagaya Technologies by 5,431.3% during the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock worth $46,000 after purchasing an additional 4,345 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Pagaya Technologies by 77.4% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,435 shares of the company's stock worth $95,000 after purchasing an additional 1,935 shares during the last quarter. Finally, Summit Securities Group LLC bought a new position in shares of Pagaya Technologies during the first quarter worth about $107,000. 57.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on PGY. Citigroup increased their price objective on shares of Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Wall Street Zen lowered shares of Pagaya Technologies from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 30th. B. Riley raised their price objective on shares of Pagaya Technologies from $46.00 to $54.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Benchmark reiterated a "buy" rating and set a $48.00 price objective on shares of Pagaya Technologies in a research note on Wednesday, October 1st. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Pagaya Technologies from $27.00 to $38.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Pagaya Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $34.33.

Pagaya Technologies Trading Down 2.7%

Pagaya Technologies stock opened at $28.42 on Thursday. The company has a 50 day moving average price of $33.99 and a 200 day moving average price of $24.12. Pagaya Technologies Ltd. has a 52 week low of $8.20 and a 52 week high of $44.99. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of -7.42 and a beta of 5.86.

Insiders Place Their Bets

In other Pagaya Technologies news, insider Tami Rosen sold 15,026 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $30.73, for a total value of $461,748.98. Following the completion of the sale, the insider owned 28,181 shares in the company, valued at $866,002.13. This represents a 34.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Evangelos Perros sold 12,754 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $30.20, for a total transaction of $385,170.80. Following the completion of the sale, the chief financial officer owned 78,163 shares of the company's stock, valued at approximately $2,360,522.60. The trade was a 14.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,081 shares of company stock worth $3,475,010 in the last quarter. 47.59% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding PGY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report).

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.