Pagaya Technologies (NASDAQ:PGY) Cut to "Hold" at Wall Street Zen

Pagaya Technologies (NASDAQ:PGY - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Several other brokerages also recently weighed in on PGY. Stephens began coverage on Pagaya Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price target for the company. Oppenheimer boosted their price target on Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday. Benchmark reiterated a "buy" rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. JMP Securities restated a "market outperform" rating and set a $26.00 price objective on shares of Pagaya Technologies in a report on Tuesday, June 24th. Finally, B. Riley restated a "buy" rating and set a $36.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $21.94.

Pagaya Technologies Trading Down 0.1%

Shares of PGY opened at $22.15 on Friday. The stock has a fifty day moving average of $16.57 and a two-hundred day moving average of $12.66. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.79 and a current ratio of 1.79. The company has a market capitalization of $1.68 billion, a PE ratio of -4.37 and a beta of 5.93. Pagaya Technologies has a fifty-two week low of $8.20 and a fifty-two week high of $23.45.

Insider Activity

In related news, CTO Avital Pardo sold 54,254 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $20.24, for a total transaction of $1,098,100.96. Following the completion of the sale, the chief technology officer directly owned 1,042,950 shares of the company's stock, valued at approximately $21,109,308. This represents a 4.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Yahav Yulzari sold 52,867 shares of the company's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $20.24, for a total transaction of $1,070,028.08. Following the sale, the insider directly owned 4,087,724 shares of the company's stock, valued at approximately $82,735,533.76. This trade represents a 1.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,345,470 shares of company stock worth $24,118,452 in the last quarter. Insiders own 47.59% of the company's stock.

Institutional Trading of Pagaya Technologies

Institutional investors have recently added to or reduced their stakes in the business. Frontier Capital Management Co. LLC purchased a new position in Pagaya Technologies in the 4th quarter valued at about $28,070,000. Millennium Management LLC boosted its position in Pagaya Technologies by 320.1% in the 1st 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 during the last quarter. Point72 Asset Management L.P. boosted its position in Pagaya Technologies by 284.3% in the 4th 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 during the last quarter. Two Sigma Investments LP boosted its position in Pagaya Technologies by 359.6% in the 4th 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 during the last quarter. Finally, Nuveen LLC purchased a new position in Pagaya Technologies in the 1st quarter valued at about $6,465,000. 57.14% of the stock is owned by hedge funds and other 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.

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