Point72 Asset Management L.P. Buys 886,539 Shares of Pagaya Technologies Ltd. (NASDAQ:PGY)

Point72 Asset Management L.P. boosted its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 284.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,198,398 shares of the company's stock after acquiring an additional 886,539 shares during the quarter. Point72 Asset Management L.P. owned 1.63% of Pagaya Technologies worth $11,133,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in Pagaya Technologies by 502.5% in the third quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company's stock valued at $1,610,000 after acquiring an additional 127,012 shares during the period. IFP Advisors Inc grew its stake in Pagaya Technologies by 80.7% during the fourth quarter. IFP Advisors Inc now owns 13,265 shares of the company's stock worth $123,000 after buying an additional 5,925 shares during the last quarter. Barclays PLC bought a new stake in Pagaya Technologies during the fourth quarter worth about $595,000. Rhumbline Advisers grew its stake in Pagaya Technologies by 14.7% during the fourth quarter. Rhumbline Advisers now owns 75,620 shares of the company's stock worth $703,000 after buying an additional 9,674 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its stake in Pagaya Technologies by 1,249.2% during the fourth quarter. BNP Paribas Financial Markets now owns 131,637 shares of the company's stock worth $1,223,000 after buying an additional 121,880 shares during the last quarter. Institutional investors own 57.14% of the company's stock.

Wall Street Analyst Weigh In

PGY has been the topic of several research analyst reports. Citigroup raised shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $13.00 to $14.50 in a research note on Friday, February 7th. Benchmark reaffirmed a "buy" rating and set a $25.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $25.00 price objective on shares of Pagaya Technologies in a research note on Thursday, February 13th. B. Riley reaffirmed a "buy" rating and set a $36.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. Finally, JMP Securities upped their target price on shares of Pagaya Technologies from $25.00 to $26.00 and gave the stock a "market outperform" rating in a research report on Friday, February 14th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $20.61.

Pagaya Technologies Price Performance

Shares of PGY stock traded up $0.45 during trading hours on Friday, reaching $15.72. 1,408,692 shares of the company were exchanged, compared to its average volume of 1,881,728. Pagaya Technologies Ltd. has a fifty-two week low of $8.20 and a fifty-two week high of $19.20. The stock's fifty day moving average is $11.52 and its two-hundred day moving average is $10.95. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -2.86 and a beta of 5.88. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17.

Insider Activity at Pagaya Technologies

In other news, insider Yahav Yulzari sold 238,004 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $15.16, for a total transaction of $3,608,140.64. Following the completion of the sale, the insider now owns 4,346,141 shares of the company's stock, valued at $65,887,497.56. This represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Avital Pardo sold 237,748 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $15.16, for a total transaction of $3,604,259.68. Following the completion of the transaction, the chief technology officer now directly owns 2,401,528 shares of the company's stock, valued at approximately $36,407,164.48. This trade represents a 9.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 488,541 shares of company stock worth $7,331,977 over the last ninety days. Company insiders own 47.59% of the company's stock.

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.