Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Pagaya Technologies (NASDAQ:PGY) Stock

Pagaya Technologies (NASDAQ:PGY - Get Free Report) had its price target increased by stock analysts at Keefe, Bruyette & Woods from $23.00 to $27.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 17.34% from the company's previous close.

A number of other analysts have also issued reports on the company. Benchmark reissued a "buy" rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Monday, March 17th. JMP Securities reissued a "market outperform" rating and issued a $26.00 price target on shares of Pagaya Technologies in a research note on Tuesday, June 24th. Wall Street Zen lowered Pagaya Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Stephens started coverage on Pagaya Technologies in a research note on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price target on the stock. Finally, Oppenheimer raised their price target on Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, Pagaya Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $22.45.

Pagaya Technologies Price Performance

Shares of PGY traded down $0.54 during trading hours on Wednesday, reaching $23.01. 1,399,040 shares of the company traded hands, compared to its average volume of 2,054,723. The stock has a fifty day simple moving average of $17.73 and a 200 day simple moving average of $13.14. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.82. Pagaya Technologies has a fifty-two week low of $8.20 and a fifty-two week high of $23.93. The stock has a market capitalization of $1.74 billion, a PE ratio of -4.54 and a beta of 5.93.

Insiders Place Their Bets

In other news, insider Tami Rosen sold 14,645 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $22.57, for a total transaction of $330,537.65. Following the completion of the transaction, the insider directly owned 49,440 shares in the company, valued at approximately $1,115,860.80. This represents a 22.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Avital Pardo sold 239,989 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total value of $4,715,783.85. Following the transaction, the chief technology officer owned 802,961 shares of the company's stock, valued at approximately $15,778,183.65. This trade represents a 23.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,345,470 shares of company stock valued at $24,118,452. Corporate insiders own 47.59% of the company's stock.

Institutional Investors Weigh In On Pagaya Technologies

A number of institutional investors have recently made changes to their positions in PGY. Frontier Capital Management Co. LLC acquired a new position in shares of Pagaya Technologies during the fourth quarter valued at $28,070,000. Goldman Sachs Group Inc. boosted its stake in Pagaya Technologies by 26.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company's stock valued at $17,871,000 after buying an additional 359,099 shares in the last quarter. Millennium Management LLC boosted its stake in Pagaya Technologies by 320.1% during the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock valued at $13,230,000 after buying an additional 961,944 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in 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 valued at $11,133,000 after buying an additional 886,539 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in 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 buying an additional 646,357 shares in the last quarter. 57.14% of the stock is currently owned by institutional investors.

Pagaya Technologies Company 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.