Nomura Holdings Inc. Sells 58,025 Shares of Pagaya Technologies Ltd. (NASDAQ:PGY)

Nomura Holdings Inc. cut its holdings in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 51.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 54,029 shares of the company's stock after selling 58,025 shares during the period. Nomura Holdings Inc. owned 0.07% of Pagaya Technologies worth $502,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGY. JPMorgan Chase & Co. boosted its stake in Pagaya Technologies by 502.5% in the third quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company's stock valued at $1,610,000 after acquiring an additional 127,012 shares in the last quarter. Nisa Investment Advisors LLC acquired a new stake in Pagaya Technologies in the fourth quarter valued at approximately $57,000. R Squared Ltd acquired a new stake in Pagaya Technologies in the fourth quarter valued at approximately $30,000. Entropy Technologies LP acquired a new stake in Pagaya Technologies in the fourth quarter valued at approximately $114,000. Finally, Rhumbline Advisers boosted its stake in Pagaya Technologies by 14.7% in the fourth quarter. Rhumbline Advisers now owns 75,620 shares of the company's stock valued at $703,000 after acquiring an additional 9,674 shares in the last quarter. 57.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PGY. Benchmark restated a "buy" rating and issued a $25.00 target price on shares of Pagaya Technologies in a research note on Monday, March 17th. JMP Securities raised their target price on shares of Pagaya Technologies from $25.00 to $26.00 and gave the company a "market outperform" rating in a research note on Friday, February 14th. Citigroup upgraded shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and raised their target price for the company from $13.00 to $14.50 in a research note on Friday, February 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Thursday, February 13th. Finally, B. Riley reaffirmed a "buy" rating and issued a $36.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $20.61.

Pagaya Technologies Trading Down 3.4%

Shares of Pagaya Technologies stock opened at $14.05 on Thursday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a fifty day moving average price of $11.35 and a 200 day moving average price of $10.89. Pagaya Technologies Ltd. has a 1 year low of $8.20 and a 1 year high of $19.20. The stock has a market cap of $1.06 billion, a PE ratio of -2.55 and a beta of 5.88.

Insider Buying and Selling

In related news, President Sanjiv Das sold 12,789 shares of the firm's stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $9.35, for a total transaction of $119,577.15. Following the sale, the president now owns 105,817 shares in the company, valued at approximately $989,388.95. This trade represents a 10.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Avital Pardo sold 237,748 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $15.16, for a total transaction of $3,604,259.68. Following the sale, the chief technology officer now owns 2,401,528 shares in the company, valued at approximately $36,407,164.48. This represents a 9.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 488,541 shares of company stock valued at $7,331,977 over the last 90 days. Insiders own 47.59% of the company's stock.

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.

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