Jump Financial LLC Lowers Stock Holdings in Pagaya Technologies Ltd. $PGY

Key Points

• Jump Financial LLC reduced its stake in Pagaya Technologies Ltd. by 8.8%, holding approximately 110,341 shares valued at $1,156,000 at the end of the first quarter.
• Significant activity among institutional investors includes Point72 Asset Management increasing its holdings by 284.3% and Two Sigma Investments increasing theirs by 359.6% in the fourth quarter.
• Analysts have raised their price targets for Pagaya Technologies, with a consensus rating of "Moderate Buy" and a target average price of $34.33.

Jump Financial LLC lowered its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 8.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 110,341 shares of the company's stock after selling 10,706 shares during the quarter. Jump Financial LLC owned about 0.15% of Pagaya Technologies worth $1,156,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its position in Pagaya Technologies by 5,431.3% in the 1st 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 during the period. Jefferies Financial Group Inc. acquired a new stake in Pagaya Technologies in the 4th quarter valued at $93,000. ProShare Advisors LLC acquired a new stake in Pagaya Technologies in the 4th quarter valued at $94,000. Malaga Cove Capital LLC acquired a new stake in Pagaya Technologies in the 4th quarter valued at $96,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Pagaya Technologies in the 4th quarter valued at $105,000. Institutional investors and hedge funds own 57.14% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PGY shares. Citigroup lifted their price objective on shares of Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Stephens started coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They set an "overweight" rating and a $22.00 price objective on the stock. Canaccord Genuity Group lifted their price objective on shares of Pagaya Technologies from $28.00 to $36.00 and gave the stock a "buy" rating in a report on Monday, August 11th. JMP Securities lifted their price objective on shares of Pagaya Technologies from $26.00 to $35.00 and gave the stock a "market outperform" rating in a report on Monday, August 11th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Pagaya Technologies from $27.00 to $38.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, 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 other Pagaya Technologies news, CFO Evangelos Perros sold 12,755 shares of the company's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $22.57, for a total transaction of $287,880.35. Following the sale, the chief financial officer directly owned 82,870 shares of the company's stock, valued at $1,870,375.90. This represents a 13.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dan Petrozzo sold 8,484 shares of the company'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 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 846,773 shares of company stock valued at $16,834,721. Insiders own 47.59% of the company's stock.

Pagaya Technologies Stock Performance

Shares of NASDAQ PGY traded down $1.14 during mid-day trading on Wednesday, reaching $35.22. 1,458,347 shares of the company's stock were exchanged, compared to its average volume of 2,697,360. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of -9.21 and a beta of 5.96. Pagaya Technologies Ltd. has a 52 week low of $8.20 and a 52 week high of $41.48. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a 50-day moving average price of $29.03 and a two-hundred day moving average price of $18.69.

Pagaya Technologies Company Profile

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.