10,226 Shares in Pagaya Technologies Ltd. $PGY Purchased by Summit Securities Group LLC

Key Points

• Summit Securities Group LLC acquired 10,226 shares of Pagaya Technologies, valued at approximately $107,000, during the first quarter, as reported to the SEC.
• Recent research reports from analysts like Keefe, Bruyette & Woods and Citigroup have raised their price targets for Pagaya Technologies, indicating an overall positive outlook with an average target price of $34.33.
• Insider selling has occurred, with CFO Evangelos Perros and President Sanjiv Das reducing their holdings by approximately 13.34% and 11.45%, respectively, amidst a backdrop of significant institutional interest in the company.

Summit Securities Group LLC acquired a new position in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 10,226 shares of the company's stock, valued at approximately $107,000.

Several other hedge funds have also added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in shares of Pagaya Technologies by 5,431.3% in the first 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. bought a new stake in shares of Pagaya Technologies in the fourth quarter valued at approximately $93,000. ProShare Advisors LLC bought a new stake in shares of Pagaya Technologies in the fourth quarter valued at approximately $94,000. Malaga Cove Capital LLC bought a new stake in shares of Pagaya Technologies in the fourth quarter valued at approximately $96,000. Finally, CWM LLC raised its position in shares of Pagaya Technologies by 79,828.6% in the first quarter. CWM LLC now owns 11,190 shares of the company's stock valued at $117,000 after purchasing an additional 11,176 shares during the period. Institutional investors own 57.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. JMP Securities raised their price target on shares of Pagaya Technologies from $26.00 to $35.00 and gave the company a "market outperform" rating in a report on Monday, August 11th. Stephens initiated coverage on shares of Pagaya Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $22.00 price target for the company. Oppenheimer boosted their price target on shares of Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Wall Street Zen upgraded shares of Pagaya Technologies from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 16th. Finally, Benchmark boosted their price target on shares of Pagaya Technologies from $42.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $34.33.

Pagaya Technologies Price Performance

Shares of NASDAQ:PGY traded up $3.99 during trading on Friday, reaching $33.76. The company had a trading volume of 4,158,774 shares, compared to its average volume of 3,893,630. The company has a fifty day moving average of $26.65 and a two-hundred day moving average of $17.52. The stock has a market capitalization of $2.59 billion, a P/E ratio of -8.81 and a beta of 5.95. Pagaya Technologies Ltd. has a 12 month low of $8.20 and a 12 month high of $41.48. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85.

Insider Buying and Selling

In other news, insider Tami Rosen sold 13,821 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $21.85, for a total value of $301,988.85. Following the completion of the sale, the insider owned 35,619 shares of the company's stock, valued at approximately $778,275.15. This represents a 27.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dan Petrozzo sold 8,484 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $30.15, for a total transaction of $255,792.60. Following the completion of the sale, the director directly owned 96,278 shares of the company's stock, valued at $2,902,781.70. This trade represents a 8.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 878,155 shares of company stock worth $17,372,922 in the last ninety days. 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.