Pagaya Technologies Ltd. (NASDAQ:PGY) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Pagaya Technologies Ltd. (NASDAQ:PGY) has received an average rating of “Moderate Buy” from brokerages, with a consensus price target of $34.33.
• Insiders have sold significant amounts of stock, with President Sanjiv Das selling 13,304 shares and insider Tami Rosen selling 15,026 shares recently, reducing their positions by 12.07% and 34.78% respectively.
• Institutional investors have increased their holdings significantly, with JPMorgan Chase raising its position by 436.9% during the second quarter.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) has been given a consensus rating of "Moderate Buy" by the ten ratings firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $34.3333.

A number of brokerages recently commented on PGY. Citigroup upped their price target on shares of Pagaya Technologies from $16.50 to $40.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Oppenheimer upped their price target on shares of Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Weiss Ratings reiterated a "sell (e+)" rating on shares of Pagaya Technologies in a research note on Saturday, September 27th. Benchmark reiterated a "buy" rating and issued a $48.00 price target on shares of Pagaya Technologies in a research note on Wednesday, October 1st. Finally, Wall Street Zen lowered shares of Pagaya Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 30th.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 13,304 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $40.62, for a total transaction of $540,408.48. Following the transaction, the president owned 96,885 shares in the company, valued at $3,935,468.70. This represents a 12.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tami Rosen sold 15,026 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $30.73, for a total transaction of $461,748.98. Following the transaction, the insider owned 28,181 shares in the company, valued at approximately $866,002.13. The trade was a 34.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,307 shares of company stock worth $4,061,458. 47.59% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PGY. Goldman Sachs Group Inc. lifted its holdings in shares of Pagaya Technologies by 26.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company's stock worth $17,871,000 after acquiring an additional 359,099 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Pagaya Technologies by 436.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company's stock worth $29,534,000 after acquiring an additional 1,127,242 shares during the period. Millennium Management LLC lifted its holdings in shares of Pagaya Technologies by 320.1% during the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock worth $13,230,000 after acquiring an additional 961,944 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Pagaya Technologies by 1,231.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company's stock worth $25,591,000 after acquiring an additional 1,110,208 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of Pagaya Technologies by 40.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 731,454 shares of the company's stock worth $15,595,000 after acquiring an additional 209,733 shares during the period. Institutional investors and hedge funds own 57.14% of the company's stock.

Pagaya Technologies Stock Down 10.3%

Shares of PGY opened at $27.19 on Friday. Pagaya Technologies has a 52 week low of $8.20 and a 52 week high of $44.99. The firm has a market cap of $2.08 billion, a P/E ratio of -7.10 and a beta of 5.86. The firm's 50-day simple moving average is $34.40 and its 200 day simple moving average is $23.13. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.42 and a current ratio of 1.42.

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.

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