Pagaya Technologies (NASDAQ:PGY) Downgraded to "Buy" Rating by Wall Street Zen

Key Points

• Pagaya Technologies was downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen in a recent report, indicating a shift in analyst sentiment.
• Despite the downgrade, several analysts have recently increased their price targets for PGY, with the average target currently at $34.33, suggesting continued confidence in the company's prospects.
• Insider trading activity has been notable, with executives selling significant shares, revealing a decrease in their owning positions of the company.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Saturday.

A number of other analysts have also commented on PGY. JMP Securities lifted their price objective on Pagaya Technologies from $26.00 to $35.00 and gave the stock a "market outperform" rating in a research report on Monday, August 11th. Keefe, Bruyette & Woods raised their target price on shares of Pagaya Technologies from $27.00 to $38.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Citigroup boosted their price target on shares of Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. B. Riley increased their price objective on shares of Pagaya Technologies from $46.00 to $54.00 and gave the company a "buy" rating in a report on Monday, August 11th. Finally, Canaccord Genuity Group lifted their target price on shares of Pagaya Technologies from $28.00 to $36.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $34.33.

Pagaya Technologies Trading Down 2.5%

Shares of NASDAQ PGY traded down $0.92 during midday trading on Friday, hitting $35.44. The stock had a trading volume of 1,227,490 shares, compared to its average volume of 2,695,608. The firm has a market cap of $2.71 billion, a P/E ratio of -9.26 and a beta of 5.96. Pagaya Technologies has a fifty-two week low of $8.20 and a fifty-two week high of $41.48. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.42 and a quick ratio of 1.42. The company's 50-day simple moving average is $29.03 and its 200 day simple moving average is $18.69.

Insider Buying and Selling

In other news, President Sanjiv Das sold 12,742 shares of the business's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $25.95, for a total value of $330,654.90. Following the completion of the sale, the president owned 98,562 shares of the company's stock, valued at approximately $2,557,683.90. The trade was a 11.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Avital Pardo sold 54,254 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $20.24, for a total value of $1,098,100.96. Following the transaction, the chief technology officer owned 1,042,950 shares in the company, valued at approximately $21,109,308. This trade represents a 4.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 846,773 shares of company stock worth $16,834,721 in the last 90 days. 47.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB acquired a new position in shares of Pagaya Technologies in the second quarter worth approximately $25,000. Virtus Advisers LLC bought a new stake in shares of Pagaya Technologies in the 1st quarter valued at $35,000. Caitong International Asset Management Co. Ltd increased its position in shares of Pagaya Technologies by 35.8% during the second quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company's stock worth $42,000 after buying an additional 520 shares during the period. GAMMA Investing LLC raised its stake in Pagaya Technologies by 5,431.3% during 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 last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in Pagaya Technologies during the fourth quarter worth approximately $93,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

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.