Rhumbline Advisers Sells 21,481 Shares of Pagaya Technologies Ltd. (NASDAQ:PGY)

Rhumbline Advisers lessened its position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 28.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 54,139 shares of the company's stock after selling 21,481 shares during the period. Rhumbline Advisers owned 0.07% of Pagaya Technologies worth $567,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. IFP Advisors Inc raised 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. BNP Paribas Financial Markets raised 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. Barclays PLC acquired a new stake in Pagaya Technologies in the fourth quarter worth $595,000. Bank of America Corp DE grew its holdings in Pagaya Technologies by 9.7% in the fourth quarter. Bank of America Corp DE now owns 144,097 shares of the company's stock worth $1,339,000 after purchasing an additional 12,760 shares during the period. Finally, American Century Companies Inc. acquired a new stake in Pagaya Technologies in the fourth quarter worth $382,000. Institutional investors own 57.14% of the company's stock.

Insider Activity

In other news, CFO Evangelos Perros sold 11,768 shares of Pagaya Technologies stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $17.90, for a total transaction of $210,647.20. Following the completion of the transaction, the chief financial officer now directly owns 72,859 shares in the company, valued at $1,304,176.10. This trade represents a 13.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Yahav Yulzari sold 238,004 shares of Pagaya Technologies stock in a transaction dated 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 transaction, 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 disclosure for this sale can be found here. Insiders sold 675,220 shares of company stock worth $10,770,778 over the last three months. 47.59% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PGY has been the subject of a number of research reports. Stephens initiated coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price target for the company. Benchmark restated a "buy" rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, B. Riley restated a "buy" rating and issued a $36.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.50.

Pagaya Technologies Stock Down 2.0%

Shares of NASDAQ PGY opened at $18.47 on Monday. The stock has a market capitalization of $1.40 billion, a P/E ratio of -3.64 and a beta of 5.94. The company has a 50-day moving average price of $14.36 and a 200-day moving average price of $11.92. Pagaya Technologies Ltd. has a 1 year low of $8.20 and a 1 year high of $19.20. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.79 and a quick ratio of 1.79.

Pagaya Technologies 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.

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