Summit Securities Group LLC Takes Position in Pagaya Technologies Ltd. $PGY

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 bought a new stake in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 10,226 shares of the company's stock, valued at approximately $107,000.

Several other institutional investors have also made changes to their positions in PGY. Frontier Capital Management Co. LLC bought a new position in shares of Pagaya Technologies in the fourth quarter valued at approximately $28,070,000. Point72 Asset Management L.P. grew its holdings in shares of Pagaya Technologies by 284.3% during the fourth quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company's stock worth $11,133,000 after purchasing an additional 886,539 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Pagaya Technologies by 359.6% during the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company's stock valued at $7,675,000 after purchasing an additional 646,357 shares during the last quarter. Nuveen LLC bought a new position in shares of Pagaya Technologies in the 1st quarter valued at about $6,465,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Pagaya Technologies by 446.1% in the 1st quarter. Bank of New York Mellon Corp now owns 482,018 shares of the company's stock worth $5,052,000 after purchasing an additional 393,752 shares during the last quarter. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Pagaya Technologies Stock Performance

Shares of PGY stock traded down $0.52 during trading hours on Thursday, hitting $29.77. 1,918,771 shares of the company were exchanged, compared to its average volume of 2,654,316. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -7.77 and a beta of 5.95. The firm has a fifty day simple moving average of $26.34 and a 200 day simple moving average of $17.36. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85. Pagaya Technologies Ltd. has a 52-week low of $8.20 and a 52-week high of $41.48.

Insider Buying and Selling at Pagaya Technologies

In other news, insider Tami Rosen sold 14,645 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $22.57, for a total value of $330,537.65. Following the completion of the transaction, the insider directly owned 49,440 shares of the company's stock, valued at $1,115,860.80. This trade represents a 22.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Sanjiv Das sold 31,382 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $17.15, for a total value of $538,201.30. Following the completion of the transaction, the president directly owned 74,435 shares of the company's stock, valued at $1,276,560.25. The trade was a 29.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 878,155 shares of company stock valued at $17,372,922 in the last quarter. Corporate insiders own 47.59% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Benchmark lifted their price objective on Pagaya Technologies from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday, August 8th. Canaccord Genuity Group raised their price objective on Pagaya Technologies from $28.00 to $36.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Stephens assumed 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 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 research note on Monday, August 11th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Pagaya Technologies from $27.00 to $38.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

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.