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

Several other institutional investors and hedge funds have also recently bought and sold shares of PGY. GAMMA Investing LLC increased 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 worth $46,000 after purchasing an additional 4,345 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in Pagaya Technologies during the fourth quarter worth approximately $93,000. ProShare Advisors LLC acquired a new position in Pagaya Technologies during the fourth quarter worth approximately $94,000. Malaga Cove Capital LLC acquired a new position in Pagaya Technologies during the fourth quarter worth approximately $96,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Pagaya Technologies during the fourth quarter worth approximately $105,000. Institutional investors and hedge funds own 57.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PGY. Citigroup upped their price target on shares of Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Canaccord Genuity Group increased their price objective on shares of Pagaya Technologies from $28.00 to $36.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Oppenheimer increased their price objective 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. JMP Securities increased their price objective on shares of Pagaya Technologies from $26.00 to $35.00 and gave the stock a "market outperform" rating in a research report on Monday, August 11th. Finally, Stephens assumed coverage on shares of Pagaya Technologies in a research report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price objective for the company. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $34.33.

Pagaya Technologies Stock Down 1.7%

PGY traded down $0.52 during trading hours on Thursday, reaching $29.77. 1,918,771 shares of the stock traded hands, compared to its average volume of 2,654,316. The firm's fifty day simple moving average is $26.11 and its two-hundred day simple moving average is $17.22. The company has a market cap of $2.28 billion, a price-to-earnings ratio of -7.77 and a beta of 5.95. Pagaya Technologies Ltd. has a fifty-two week low of $8.20 and a fifty-two week high of $41.48. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.42 and a quick ratio of 1.42.

Insider Buying and Selling at Pagaya Technologies

In related news, CTO Avital Pardo sold 54,254 shares of the firm's stock in a transaction 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 completion of the sale, the chief technology officer directly owned 1,042,950 shares of the company's stock, valued at approximately $21,109,308. This trade represents a 4.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Evangelos Perros sold 12,755 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $22.57, for a total transaction of $287,880.35. Following the transaction, the chief financial officer directly owned 82,870 shares of the company's stock, valued at approximately $1,870,375.90. This represents a 13.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 878,155 shares of company stock worth $17,372,922. 47.59% of the stock is currently owned by 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.