Bank of New York Mellon Corp Acquires 393,752 Shares of Pagaya Technologies Ltd. (NASDAQ:PGY)

Bank of New York Mellon Corp increased its stake in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 446.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 482,018 shares of the company's stock after purchasing an additional 393,752 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.64% of Pagaya Technologies worth $5,052,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC increased its position in Pagaya Technologies by 5,431.3% in the 1st quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock valued at $46,000 after acquiring an additional 4,345 shares during the period. Pilgrim Partners Asia Pte Ltd acquired a new position in Pagaya Technologies in the 4th quarter valued at approximately $43,000. KLP Kapitalforvaltning AS acquired a new position in Pagaya Technologies in the 4th quarter valued at approximately $67,000. Jefferies Financial Group Inc. acquired a new position in Pagaya Technologies in the 4th quarter valued at approximately $93,000. Finally, ProShare Advisors LLC acquired a new position in Pagaya Technologies in the 4th quarter valued at approximately $94,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Oppenheimer upped their price target on shares of Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Citigroup upped their target price on Pagaya Technologies from $16.50 to $40.00 and gave the company a "buy" rating in a report on Monday, July 21st. Wall Street Zen upgraded Pagaya Technologies from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Stephens assumed coverage on Pagaya Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 target price on the stock. Finally, Keefe, Bruyette & Woods increased their price objective 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. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $26.70.

Insider Activity at Pagaya Technologies

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

Pagaya Technologies Trading Down 1.2%

Shares of PGY traded down $0.38 during trading hours on Monday, hitting $31.09. 2,257,641 shares of the stock were exchanged, compared to its average volume of 3,295,758. Pagaya Technologies Ltd. has a fifty-two week low of $8.20 and a fifty-two week high of $34.29. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.79 and a quick ratio of 1.79. The business has a 50-day moving average of $21.16 and a 200-day moving average of $14.71. The firm has a market capitalization of $2.35 billion, a P/E ratio of -6.13 and a beta of 5.93.

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.