Pagaya Technologies Ltd. (NASDAQ:PGY) Shares Sold by Corton Capital Inc.

Key Points

• Corton Capital Inc. reduced its stake in Pagaya Technologies by 50.1%, selling 22,626 shares in the first quarter, leaving them with 22,560 shares valued at approximately $236,000.
• Multiple hedge funds, including the Swiss National Bank and Commonwealth Equity Services LLC, have increased their holdings in Pagaya Technologies, indicating ongoing interest in the company.
• Analysts have raised their price targets for Pagaya Technologies, with Benchmark setting a new target of $42.00 and nine analysts rating the stock as a "buy".

Corton Capital Inc. reduced its stake in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 50.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,560 shares of the company's stock after selling 22,626 shares during the period. Corton Capital Inc.'s holdings in Pagaya Technologies were worth $236,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Frontier Capital Management Co. LLC purchased a new position in shares of Pagaya Technologies in the 4th quarter valued at approximately $28,070,000. Point72 Asset Management L.P. lifted its stake in shares of Pagaya Technologies by 284.3% in 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 during the period. Two Sigma Investments LP lifted 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 valued at $7,675,000 after purchasing an additional 646,357 shares during the period. JPMorgan Chase & Co. raised its stake in Pagaya Technologies by 310.6% during the fourth quarter. JPMorgan Chase & Co. now owns 625,351 shares of the company's stock valued at $5,810,000 after buying an additional 473,063 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Pagaya Technologies by 446.1% during the first quarter. Bank of New York Mellon Corp now owns 482,018 shares of the company's stock valued at $5,052,000 after buying an additional 393,752 shares during the last quarter. 57.14% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Pagaya Technologies

In related news, President Sanjiv Das sold 12,742 shares of the stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $25.95, for a total value of $330,654.90. Following the transaction, the president owned 98,562 shares of the company's stock, valued at $2,557,683.90. This represents a 11.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tami Rosen sold 13,821 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $21.85, for a total value 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. This trade represents a 27.96% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,353,907 shares of company stock valued at $24,585,322. Company insiders own 47.59% of the company's stock.

Pagaya Technologies Price Performance

Pagaya Technologies stock traded up $0.10 during midday trading on Thursday, reaching $30.04. 1,727,750 shares of the stock traded hands, compared to its average volume of 2,485,806. The stock's fifty day moving average is $21.77 and its 200-day moving average is $14.91. Pagaya Technologies Ltd. has a 12 month low of $8.20 and a 12 month high of $34.29. The stock has a market cap of $2.27 billion, a P/E ratio of -5.92 and a beta of 5.93. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.82.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PGY shares. Keefe, Bruyette & Woods boosted their price target on Pagaya Technologies from $23.00 to $27.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Citigroup boosted their price target on Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Stephens started coverage on Pagaya Technologies in a research note on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price target for the company. Wall Street Zen upgraded Pagaya Technologies from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Finally, Benchmark upped their price objective on Pagaya Technologies from $25.00 to $42.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Pagaya Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $26.70.

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.