Frontier Capital Management Co. LLC Acquires Shares of 3,021,553 Pagaya Technologies Ltd. (NASDAQ:PGY)

Frontier Capital Management Co. LLC purchased a new stake in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,021,553 shares of the company's stock, valued at approximately $28,070,000. Frontier Capital Management Co. LLC owned about 4.10% of Pagaya Technologies at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in PGY. R Squared Ltd acquired a new stake in shares of Pagaya Technologies in the fourth quarter worth approximately $30,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Pagaya Technologies in the 4th quarter worth $43,000. Nisa Investment Advisors LLC acquired a new position in Pagaya Technologies in the fourth quarter valued at $57,000. KLP Kapitalforvaltning AS purchased a new position in shares of Pagaya Technologies in the 4th quarter worth about $67,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Pagaya Technologies by 15.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company's stock valued at $101,000 after purchasing an additional 1,532 shares in the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. B. Riley reissued a "buy" rating and issued a $36.00 price objective on shares of Pagaya Technologies in a research report on Monday, March 17th. Benchmark reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Pagaya Technologies in a research report on Monday, March 17th. JMP Securities raised their price target on shares of Pagaya Technologies from $25.00 to $26.00 and gave the company a "market outperform" rating in a report on Friday, February 14th. Citigroup upgraded shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $13.00 to $14.50 in a report on Friday, February 7th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $25.00 target price on shares of Pagaya Technologies in a research note on Thursday, February 13th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Pagaya Technologies currently has an average rating of "Moderate Buy" and an average price target of $20.61.

Insider Activity

In related news, insider Tami Rosen sold 35,369 shares of the company's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $15.00, for a total value of $530,535.00. Following the completion of the transaction, the insider now directly owns 38,181 shares in the company, valued at approximately $572,715. This represents a 48.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Sanjiv Das sold 12,789 shares of the firm's stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $9.35, for a total value of $119,577.15. Following the completion of the transaction, the president now directly owns 105,817 shares of the company's stock, valued at approximately $989,388.95. This trade represents a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 523,910 shares of company stock worth $7,862,512. Corporate insiders own 49.56% of the company's stock.

Pagaya Technologies Stock Up 2.6%

Shares of PGY traded up $0.39 during midday trading on Wednesday, hitting $15.35. The company had a trading volume of 1,535,147 shares, compared to its average volume of 1,845,084. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -2.79 and a beta of 5.88. The company's 50 day moving average price is $10.83 and its 200 day moving average price is $10.78. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. Pagaya Technologies Ltd. has a 52 week low of $8.20 and a 52 week high of $19.20.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.32). Pagaya Technologies had a negative net margin of 39.20% and a positive return on equity of 0.82%. The firm had revenue of $279.39 million for the quarter, compared to analyst estimates of $264.28 million. During the same quarter in the previous year, the company earned $0.24 EPS. On average, equities research analysts predict that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

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.