Cubist Systematic Strategies LLC Purchases 499,584 Shares of Pagaya Technologies Ltd. $PGY

Key Points

• Cubist Systematic Strategies LLC significantly increased its stake in Pagaya Technologies Ltd. by 2,256.8% in Q1, now owning 521,721 shares valued at approximately $5.47 million.
• Insider selling has occurred, with Director Dan Petrozzo selling 8,484 shares and President Sanjiv Das selling 12,742 shares, collectively valued at over $586,000.
• Recent analyst ratings have been positive, with multiple price target increases, including Citigroup's adjustment from $16.50 to $40.00 and JMP Securities raising their target to $35.00.

Cubist Systematic Strategies LLC boosted its position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 2,256.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 521,721 shares of the company's stock after buying an additional 499,584 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.69% of Pagaya Technologies worth $5,468,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Virtus Advisers LLC purchased a new position in Pagaya Technologies during the first quarter valued at $35,000. GAMMA Investing LLC lifted its holdings in Pagaya Technologies by 5,431.3% during the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock valued at $46,000 after purchasing an additional 4,345 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in Pagaya Technologies during the fourth quarter valued at $93,000. ProShare Advisors LLC purchased a new position in Pagaya Technologies during the fourth quarter valued at $94,000. Finally, Malaga Cove Capital LLC purchased a new position in Pagaya Technologies during the fourth quarter valued at $96,000. Institutional investors and hedge funds own 57.14% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of Pagaya Technologies from $27.00 to $38.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Wall Street Zen cut shares of Pagaya Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 30th. Oppenheimer raised 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 raised 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 started coverage on shares of Pagaya Technologies in a research report on Thursday, June 12th. They set 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 given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $34.33.

Pagaya Technologies Trading Up 0.7%

Pagaya Technologies stock traded up $0.25 during mid-day trading on Tuesday, hitting $37.46. The stock had a trading volume of 1,140,319 shares, compared to its average volume of 2,695,631. The stock has a 50-day simple moving average of $30.34 and a two-hundred day simple moving average of $19.29. The stock has a market capitalization of $2.87 billion, a PE ratio of -9.76 and a beta of 5.96. Pagaya Technologies Ltd. has a 12 month low of $8.20 and a 12 month high of $41.48. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85.

Insider Activity

In other Pagaya Technologies news, CFO Evangelos Perros sold 12,755 shares of the business's stock in a transaction that occurred 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 owned 82,870 shares of the company's stock, valued at $1,870,375.90. The trade was a 13.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Avital Pardo sold 239,989 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total value of $4,715,783.85. Following the completion of the sale, the chief technology officer owned 802,961 shares of the company's stock, valued at $15,778,183.65. This trade represents a 23.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 832,959 shares of company stock valued at $16,590,489. 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.