Martingale Asset Management L P Makes New $649,000 Investment in Pagaya Technologies Ltd. $PGY

Key Points

• Martingale Asset Management L P acquired 61,963 shares of Pagaya Technologies Ltd., valued at approximately $649,000, representing about 0.08% of the company.
• Several institutional investors increased their stakes significantly, with American Century Companies Inc. raising its position by 297.0% during the same quarter.
• Wall Street analysts have boosted their price targets for Pagaya Technologies, with Citigroup raising it to $40.00 and eight analysts rating the stock as a "Buy."

Martingale Asset Management L P purchased a new position in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 61,963 shares of the company's stock, valued at approximately $649,000. Martingale Asset Management L P owned approximately 0.08% of Pagaya Technologies as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Pagaya Technologies by 5,431.3% in the 1st quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock worth $46,000 after purchasing an additional 4,345 shares in the last quarter. Jefferies Financial Group Inc. purchased a new stake in Pagaya Technologies in the 4th quarter worth $93,000. ProShare Advisors LLC purchased a new stake in shares of Pagaya Technologies during the 4th quarter valued at about $94,000. Summit Securities Group LLC purchased a new stake in shares of Pagaya Technologies during the 1st quarter valued at about $107,000. Finally, Malaga Cove Capital LLC purchased a new stake in shares of Pagaya Technologies during the 4th quarter valued at about $96,000. Hedge funds and other institutional investors own 57.14% of the company's stock.

Pagaya Technologies Trading Up 8.7%

Pagaya Technologies stock traded up $3.01 during midday trading on Thursday, reaching $37.72. The stock had a trading volume of 6,362,398 shares, compared to its average volume of 2,697,649. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.85. Pagaya Technologies Ltd. has a 52-week low of $8.20 and a 52-week high of $41.48. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of -9.85 and a beta of 5.95. The company has a fifty day moving average of $27.60 and a 200 day moving average of $18.00.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. B. Riley upped their target price on shares of Pagaya Technologies from $46.00 to $54.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Wall Street Zen upgraded shares of Pagaya Technologies from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 16th. Citigroup upped their target price on shares of Pagaya Technologies from $16.50 to $40.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods upped their target price on shares of Pagaya Technologies from $27.00 to $38.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, JMP Securities upped their target price on shares of Pagaya Technologies from $26.00 to $35.00 and gave the company a "market outperform" rating in a research report on Monday, August 11th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.33.

Insider Buying and Selling

In related news, CTO Avital Pardo sold 54,254 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $20.24, for a total value of $1,098,100.96. Following the sale, the chief technology officer directly owned 1,042,950 shares of the company's stock, valued at $21,109,308. This represents a 4.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Sanjiv Das sold 12,742 shares of the company's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $25.95, for a total transaction of $330,654.90. Following the completion of the transaction, the president owned 98,562 shares in the company, valued at $2,557,683.90. This represents a 11.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 878,155 shares of company stock worth $17,372,922 over the last three months. 47.59% of the stock is currently owned by company 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.