Wealth Enhancement Advisory Services LLC Raises Stake in Pagaya Technologies Ltd. $PGY

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Pagaya Technologies by 232.4% in Q2, holding 41,088 shares now valued at approximately $911,000.
• Analysts have raised their price targets for Pagaya Technologies, with Citigroup setting a new target at $40.00 and B. Riley at $54.00, indicating strong investor interest.
• Recent insider sales saw CFO Evangelos Perros and President Sanjiv Das selling a combined 27,660 shares, reflecting a significant decrease in their ownership positions.

Wealth Enhancement Advisory Services LLC increased its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 232.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,088 shares of the company's stock after buying an additional 28,727 shares during the period. Wealth Enhancement Advisory Services LLC owned about 0.05% of Pagaya Technologies worth $911,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PGY. Invesco Ltd. increased its position in Pagaya Technologies by 20.5% during the 1st quarter. Invesco Ltd. now owns 57,875 shares of the company's stock worth $607,000 after purchasing an additional 9,845 shares in the last quarter. Bank of America Corp DE raised its position in shares of Pagaya Technologies by 9.7% during the 4th quarter. Bank of America Corp DE now owns 144,097 shares of the company's stock valued at $1,339,000 after acquiring an additional 12,760 shares in the last quarter. GAMMA Investing LLC increased its position in Pagaya Technologies by 5,431.3% in the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock worth $46,000 after buying an additional 4,345 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Pagaya Technologies by 446.1% during the first quarter. Bank of New York Mellon Corp now owns 482,018 shares of the company's stock valued at $5,052,000 after purchasing an additional 393,752 shares during the period. Finally, California State Teachers Retirement System increased its holdings in shares of Pagaya Technologies by 5.4% during the fourth quarter. California State Teachers Retirement System now owns 35,771 shares of the company's stock valued at $332,000 after purchasing an additional 1,848 shares during the period. Institutional investors and hedge funds own 57.14% of the company's stock.

Pagaya Technologies Stock Performance

NASDAQ:PGY opened at $31.07 on Friday. The stock has a 50 day simple moving average of $34.47 and a 200 day simple moving average of $22.39. Pagaya Technologies Ltd. has a 1-year low of $8.20 and a 1-year high of $44.99. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85. The stock has a market cap of $2.38 billion, a P/E ratio of -8.11 and a beta of 5.86.

Analysts Set New Price Targets

PGY has been the subject of a number of recent analyst reports. Citigroup increased their price target on Pagaya Technologies from $16.50 to $40.00 and gave the company a "buy" rating in a research report on Monday, July 21st. B. Riley lifted their price target on Pagaya Technologies from $46.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Wall Street Zen cut Pagaya Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 30th. Benchmark restated a "buy" rating and set a $48.00 price objective on shares of Pagaya Technologies in a research report on Wednesday. Finally, Keefe, Bruyette & Woods boosted their price target on Pagaya Technologies from $27.00 to $38.00 and gave the company an "outperform" rating in a research note 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 data from MarketBeat.com, Pagaya Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $34.33.

Insider Buying and Selling

In other news, CFO Evangelos Perros sold 14,356 shares of the business's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $37.34, for a total value of $536,053.04. Following the transaction, the chief financial officer directly owned 59,079 shares of the company's stock, valued at $2,206,009.86. The trade was a 19.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Sanjiv Das sold 13,304 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $40.62, for a total value of $540,408.48. Following the transaction, the president directly owned 96,885 shares in the company, valued at approximately $3,935,468.70. This trade represents a 12.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 83,744 shares of company stock valued at $3,070,091 over the last 90 days. 47.59% of the stock is owned by corporate 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.

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