Fox Run Management L.L.C. Makes New $521,000 Investment in Pagaya Technologies Ltd. $PGY

Key Points

• Fox Run Management L.L.C. invested approximately $521,000 in Pagaya Technologies Ltd., acquiring 49,668 shares during the first quarter.
• Following increased investments from various hedge funds, the stock is currently owned by 57.14% institutional investors, indicating strong institutional interest.
• Analysts have raised their price targets for the stock, with JMP Securities setting a new target of $35.00 and Citigroup further revising theirs to $40.00.

Fox Run Management L.L.C. acquired a new stake in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 49,668 shares of the company's stock, valued at approximately $521,000. Fox Run Management L.L.C. owned 0.07% of Pagaya Technologies at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PGY. GAMMA Investing LLC lifted its position in Pagaya Technologies by 5,431.3% during the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock valued at $46,000 after buying an additional 4,345 shares during the period. Jefferies Financial Group Inc. purchased a new stake in Pagaya Technologies in the fourth quarter worth about $93,000. ProShare Advisors LLC purchased a new stake in Pagaya Technologies in the fourth quarter worth about $94,000. Malaga Cove Capital LLC purchased a new stake in Pagaya Technologies in the fourth quarter worth about $96,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Pagaya Technologies in the fourth quarter worth about $105,000. Hedge funds and other institutional investors own 57.14% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Stephens assumed coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price objective on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Pagaya Technologies from $27.00 to $38.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Citigroup upped their price objective on shares of Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Oppenheimer upped their price objective 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. Finally, B. Riley upped their price objective on shares of Pagaya Technologies from $46.00 to $54.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Pagaya Technologies has an average rating of "Moderate Buy" and a consensus target price of $34.33.

Insider Activity

In related news, insider Tami Rosen sold 13,821 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $21.85, for a total transaction of $301,988.85. Following the transaction, the insider owned 35,619 shares in the company, valued at $778,275.15. This represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Avital Pardo sold 54,254 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $20.24, for a total transaction of $1,098,100.96. Following the transaction, the chief technology officer owned 1,042,950 shares in the company, valued at approximately $21,109,308. This trade represents a 4.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 878,155 shares of company stock valued at $17,372,922. Company insiders own 47.59% of the company's stock.

Pagaya Technologies Stock Up 13.4%

Shares of NASDAQ:PGY traded up $3.99 during trading on Friday, reaching $33.76. 4,158,774 shares of the stock traded hands, compared to its average volume of 3,893,630. The stock has a 50-day moving average of $26.65 and a two-hundred day moving average of $17.57. Pagaya Technologies Ltd. has a 52-week low of $8.20 and a 52-week high of $41.48. 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 stock has a market cap of $2.59 billion, a P/E ratio of -8.81 and a beta of 5.95.

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.