Insight Wealth Strategies LLC Makes New Investment in Pagaya Technologies Ltd. $PGY

Key Points

• Insight Wealth Strategies acquired 256,154 shares of Pagaya Technologies worth approximately $4.4 million, giving it about a 0.31% stake. Institutional investors collectively own 57.14% of the company.
• PGY recently traded at $18.19, with a market capitalization of roughly $1.52 billion and a highly volatile beta of 5.50. The stock has ranged from $10.40 to $31.54 over the past year.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a consensus price target of $31.12, although some insiders have recently sold shares and Zacks downgraded the stock to “Hold.”

Insight Wealth Strategies LLC acquired a new position in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 256,154 shares of the company's stock, valued at approximately $4,437,000. Insight Wealth Strategies LLC owned about 0.31% of Pagaya Technologies at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PGY. Engineers Gate Manager LP boosted its holdings in Pagaya Technologies by 158.5% in the 2nd quarter. Engineers Gate Manager LP now owns 130,172 shares of the company's stock worth $2,376,000 after buying an additional 79,810 shares during the period. Empowered Funds LLC lifted its position in shares of Pagaya Technologies by 4,562.7% during the first quarter. Empowered Funds LLC now owns 116,661 shares of the company's stock worth $1,359,000 after acquiring an additional 114,159 shares in the last quarter. SPX Gestao de Recursos Ltda boosted its holdings in shares of Pagaya Technologies by 49.7% in the first quarter. SPX Gestao de Recursos Ltda now owns 180,100 shares of the company's stock worth $2,098,000 after acquiring an additional 59,800 shares during the period. Squarepoint Ops LLC grew its position in shares of Pagaya Technologies by 614.7% in the second quarter. Squarepoint Ops LLC now owns 252,036 shares of the company's stock valued at $4,600,000 after purchasing an additional 216,770 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Pagaya Technologies during the 1st quarter valued at $1,426,000. Institutional investors own 57.14% of the company's stock.

Pagaya Technologies Price Performance

PGY stock traded down $0.07 during midday trading on Friday, reaching $18.19. The company had a trading volume of 1,833,860 shares, compared to its average volume of 3,490,512. The firm has a 50-day moving average price of $20.58 and a 200-day moving average price of $16.79. The company has a market capitalization of $1.52 billion, a P/E ratio of 13.39 and a beta of 5.50. Pagaya Technologies Ltd. has a 1 year low of $10.40 and a 1 year high of $31.54. The company has a debt-to-equity ratio of 1.12, a current ratio of 11.08 and a quick ratio of 11.08.

Insider Buying and Selling

In other Pagaya Technologies news, Director Tami Rosen sold 28,181 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $21.98, for a total transaction of $619,418.38. Following the sale, the director owned 16,665 shares in the company, valued at $366,296.70. This trade represents a 62.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Cory Vieira sold 2,170 shares of Pagaya Technologies stock in a transaction dated Monday, September 28th. The stock was sold at an average price of $17.04, for a total value of $36,976.80. Following the sale, the chief accounting officer directly owned 25,160 shares of the company's stock, valued at approximately $428,726.40. This trade represents a 7.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 98,117 shares of company stock worth $2,019,059. Corporate insiders own 41.99% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PGY shares. Canaccord Genuity Group lifted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the company a "buy" rating in a report on Friday, July 31st. TD Cowen lowered their price target on shares of Pagaya Technologies from $26.00 to $25.00 and set a "buy" rating on the stock in a report on Tuesday. Citizens Jmp raised their price objective on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a "market outperform" rating in a research report on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Pagaya Technologies in a research note on Monday, September 14th. Finally, Zacks Research lowered shares of Pagaya Technologies from a "strong-buy" rating to a "hold" rating in a report on Monday, September 28th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $31.12.

Pagaya Technologies Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence, machine learning and data analytics to connect financial institutions with institutional investors. Its technology analyzes large amounts of data to assess credit and other asset characteristics, helping partners originate, manage and fund assets while providing investors with access to diversified investment opportunities.

The company's platform has supported asset classes including personal loans, auto loans and residential real estate assets.

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