Nuveen LLC Buys Shares of 616,913 Pagaya Technologies Ltd. $PGY

Key Points

• Nuveen LLC invested approximately $6.47 million in Pagaya Technologies Ltd. during the first quarter, acquiring over 616,913 shares of the company.
• Pagaya Technologies has seen significant interest from institutional investors, with 57.14% of its stock owned by such entities, including substantial increases in stakes by GAMMA Investing LLC and CWM LLC.
• Analysts have a consensus rating of "Moderate Buy" for Pagaya Technologies, with target prices ranging from $22.00 to $40.00 as various firms upgraded their assessments recently.

Nuveen LLC acquired a new stake in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The fund acquired 616,913 shares of the company's stock, valued at approximately $6,465,000. Nuveen LLC owned approximately 0.82% of Pagaya Technologies as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Pagaya Technologies by 5,431.3% in 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. bought a new stake in Pagaya Technologies during the 4th quarter valued at about $93,000. ProShare Advisors LLC bought a new position in Pagaya Technologies during the 4th quarter worth about $94,000. Malaga Cove Capital LLC bought a new position in Pagaya Technologies during the 4th quarter worth about $96,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in Pagaya Technologies during the 4th quarter worth about $105,000. Institutional investors own 57.14% of the company's stock.

Insider Activity

In related news, Director Dan Petrozzo sold 8,484 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $30.15, for a total transaction of $255,792.60. Following the completion of the sale, the director directly owned 96,278 shares in the company, valued at approximately $2,902,781.70. This trade represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tami Rosen sold 13,821 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $21.85, for a total transaction of $301,988.85. Following the sale, the insider owned 35,619 shares of the company's stock, valued at approximately $778,275.15. The trade was a 27.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 878,155 shares of company stock valued at $17,372,922 in the last quarter. Insiders own 47.59% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on PGY. Benchmark boosted their target price on shares of Pagaya Technologies from $42.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, August 8th. B. Riley increased their price objective on Pagaya Technologies from $46.00 to $54.00 and gave the company a "buy" rating in a report on Monday, August 11th. Oppenheimer boosted their price objective on Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. JMP Securities raised their target price on Pagaya Technologies from $26.00 to $35.00 and gave the company a "market outperform" rating in a research report on Monday, August 11th. Finally, 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. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $34.33.

Pagaya Technologies Trading Up 8.7%

Pagaya Technologies stock traded up $3.01 during midday trading on Thursday, hitting $37.72. 6,362,398 shares of the stock were exchanged, compared to its average volume of 2,697,649. Pagaya Technologies Ltd. has a fifty-two week low of $8.20 and a fifty-two week high of $41.48. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of -9.85 and a beta of 5.95. The stock's 50-day simple moving average is $27.60 and its 200 day simple moving average is $18.00. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85.

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.