Pagaya Technologies Ltd. $PGY Shares Bought by PDT Partners LLC

Key Points

• PDT Partners LLC increased its stake in Pagaya Technologies by 506.2% during the 1st quarter, owning 218,168 shares valued at approximately $2.29 million.
• Multiple institutional investors have made significant investments in Pagaya Technologies, with 57.14% of the company's stock now held by such investors.
• Research analysts have given a positive outlook for Pagaya Technologies, with multiple firms raising their target prices and eight analysts rating the stock as a "Buy."

PDT Partners LLC lifted its stake in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 506.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 218,168 shares of the company's stock after buying an additional 182,177 shares during the period. PDT Partners LLC owned approximately 0.29% of Pagaya Technologies worth $2,286,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PGY. Cubist Systematic Strategies LLC increased its position in shares of Pagaya Technologies by 2,256.8% in the 1st quarter. Cubist Systematic Strategies LLC now owns 521,721 shares of the company's stock valued at $5,468,000 after acquiring an additional 499,584 shares during the period. Ieq Capital LLC acquired a new position in shares of Pagaya Technologies in the first quarter valued at about $327,000. Virtus Advisers LLC purchased a new position in shares of Pagaya Technologies in the first quarter worth about $35,000. Resolute Capital Asset Partners LLC purchased a new position in shares of Pagaya Technologies in the first quarter worth about $786,000. Finally, Martingale Asset Management L P acquired a new stake in shares of Pagaya Technologies during the first quarter worth about $649,000. 57.14% of the stock is owned by hedge funds and other institutional investors.

Pagaya Technologies Stock Performance

Shares of PGY traded up $0.08 during trading hours on Friday, hitting $37.26. The stock had a trading volume of 3,435,516 shares, compared to its average volume of 3,559,338. Pagaya Technologies Ltd. has a fifty-two week low of $8.20 and a fifty-two week high of $41.48. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a 50-day moving average price of $30.03 and a 200 day moving average price of $19.13. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of -9.73 and a beta of 5.96.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Citigroup increased their price target 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. Keefe, Bruyette & Woods increased their price objective 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. Canaccord Genuity Group raised their target price 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. Stephens began coverage on shares of Pagaya Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $22.00 target price for the company. Finally, JMP Securities increased their price target on Pagaya Technologies from $26.00 to $35.00 and gave the stock a "market outperform" rating in a research report on Monday, August 11th. 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.com, the company presently has an average rating of "Moderate Buy" and an average price target of $34.33.

Insider Activity

In related news, Director Dan Petrozzo sold 8,484 shares of Pagaya Technologies stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $30.15, for a total value of $255,792.60. Following the completion of the transaction, the director owned 96,278 shares in the company, valued at $2,902,781.70. The trade was a 8.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Sanjiv Das sold 12,742 shares of the stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $25.95, for a total value of $330,654.90. Following the transaction, the president owned 98,562 shares in the company, valued at $2,557,683.90. This represents a 11.45% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 846,773 shares of company stock worth $16,834,721. 47.59% of the stock is currently owned by corporate insiders.

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.