Pagaya Technologies (NASDAQ:PGY) Earns Buy Rating from Benchmark

Key Points

• Benchmark analysts reaffirmed a buy rating for Pagaya Technologies (NASDAQ: PGY) with a price target of $48.00, indicating a potential upside of 61.67% from its previous close.
• The company's stock experienced a significant trading drop of 6.5% recently, opening at $29.69.
• Insider trading activity revealed that CFO Evangelos Perros and President Sanjiv Das sold significant shares of the company's stock, indicating a decrease in their ownership percentages.

Pagaya Technologies (NASDAQ:PGY - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Benchmark in a report released on Wednesday,Benzinga reports. They currently have a $48.00 price objective on the stock. Benchmark's price objective would suggest a potential upside of 61.67% from the company's previous close.

Several other equities analysts have also recently issued reports on the stock. Wall Street Zen cut shares of Pagaya Technologies from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 30th. Citigroup lifted their target price on shares of Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. JMP Securities raised their price target on Pagaya Technologies from $26.00 to $35.00 and gave the stock a "market outperform" rating in a research note on Monday, August 11th. Stephens began coverage on Pagaya Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $22.00 price objective for the company. Finally, Oppenheimer boosted their price target on Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Pagaya Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

Pagaya Technologies Trading Down 6.5%

Shares of NASDAQ:PGY opened at $29.69 on Wednesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.42 and a quick ratio of 1.42. Pagaya Technologies has a 1 year low of $8.20 and a 1 year high of $44.99. The company has a market cap of $2.27 billion, a P/E ratio of -7.75 and a beta of 5.96. The stock's fifty day moving average price is $34.57 and its 200-day moving average price is $22.20.

Insider Activity

In other news, CFO Evangelos Perros sold 14,356 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $37.34, for a total value of $536,053.04. Following the completion of the sale, the chief financial officer directly owned 59,079 shares of the company's stock, valued at $2,206,009.86. This represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Sanjiv Das sold 13,304 shares of the firm's stock in a transaction 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 sale, the president owned 96,885 shares in the company, valued at $3,935,468.70. The trade was a 12.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,565 shares of company stock valued at $3,372,080. Company insiders own 47.59% of the company's stock.

Institutional Trading of Pagaya Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGY. Caitong International Asset Management Co. Ltd boosted its stake in Pagaya Technologies by 35.8% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company's stock worth $42,000 after purchasing an additional 520 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Pagaya Technologies by 8.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 6,676 shares of the company's stock valued at $142,000 after purchasing an additional 526 shares during the last quarter. Fox Run Management L.L.C. grew its position in shares of Pagaya Technologies by 1.9% during the second quarter. Fox Run Management L.L.C. now owns 50,587 shares of the company's stock valued at $1,079,000 after purchasing an additional 919 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Pagaya Technologies by 21.2% in the second quarter. GAMMA Investing LLC now owns 5,363 shares of the company's stock worth $114,000 after purchasing an additional 938 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Pagaya Technologies by 9.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,361 shares of the company's stock worth $130,000 after buying an additional 1,094 shares in the last quarter. Institutional investors own 57.14% of the company's stock.

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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