Pagaya Technologies Ltd. $PGY Shares Bought by Cubist Systematic Strategies LLC

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 increased its holdings 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 13F filing with the Securities & Exchange Commission. The firm owned 521,721 shares of the company's stock after buying an additional 499,584 shares during the period. Cubist Systematic Strategies LLC owned about 0.69% of Pagaya Technologies worth $5,468,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Barclays PLC acquired a new position in shares of Pagaya Technologies during the fourth quarter worth $595,000. Hsbc Holdings PLC bought a new position in shares of Pagaya Technologies during the fourth quarter valued at $172,000. Voya Investment Management LLC grew its position in shares of Pagaya Technologies by 62.3% during the 4th quarter. Voya Investment Management LLC now owns 23,729 shares of the company's stock worth $220,000 after buying an additional 9,108 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in Pagaya Technologies by 50.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 28,754 shares of the company's stock worth $267,000 after acquiring an additional 9,638 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Pagaya Technologies by 1,249.2% in the 4th quarter. BNP Paribas Financial Markets now owns 131,637 shares of the company's stock valued at $1,223,000 after acquiring an additional 121,880 shares during the period. Institutional investors and hedge funds own 57.14% of the company's stock.

Pagaya Technologies Stock Performance

NASDAQ:PGY traded down $0.28 during trading hours on Monday, hitting $36.98. 2,156,458 shares of the company traded hands, compared to its average volume of 2,703,569. Pagaya Technologies Ltd. has a twelve month low of $8.20 and a twelve month high of $41.48. The firm has a 50-day moving average of $30.03 and a 200 day moving average of $19.13. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -9.70 and a beta of 5.96.

Analysts Set New Price Targets

Several research firms have recently commented on PGY. Benchmark boosted their price objective on Pagaya Technologies from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday, August 8th. Keefe, Bruyette & Woods raised their price target on Pagaya Technologies from $27.00 to $38.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. B. Riley boosted their price objective on Pagaya Technologies from $46.00 to $54.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Citigroup upped their price target on Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Finally, Oppenheimer raised their price target on shares of Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $34.33.

Insider Buying and Selling at Pagaya Technologies

In related news, President Sanjiv Das sold 13,551 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $17.90, for a total value of $242,562.90. Following the sale, the president directly owned 84,634 shares in the company, valued at approximately $1,514,948.60. The trade was a 13.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Avital Pardo sold 239,989 shares of the stock in a transaction that occurred 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 sale, the chief technology officer directly owned 802,961 shares of the company's stock, valued at approximately $15,778,183.65. This trade represents a 23.01% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 846,773 shares of company stock valued at $16,834,721. 47.59% of the stock is currently owned by 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.