Pagaya Technologies (NASDAQ:PGY) Sets New 1-Year High After Analyst Upgrade

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $23.00 to $27.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. Pagaya Technologies traded as high as $23.62 and last traded at $23.35, with a volume of 1989855 shares traded. The stock had previously closed at $21.96.

Several other research analysts have also issued reports on the stock. Stephens assumed coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They set an "overweight" rating and a $22.00 price target for the company. B. Riley restated a "buy" rating and set a $36.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. Oppenheimer raised their price target on shares of Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. JMP Securities restated a "market outperform" rating and set a $26.00 price target on shares of Pagaya Technologies in a report on Tuesday, June 24th. Finally, Wall Street Zen lowered shares of Pagaya Technologies from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $22.45.

Insider Buying and Selling

In other news, CFO Evangelos Perros sold 12,755 shares of Pagaya Technologies stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $22.57, for a total value of $287,880.35. Following the completion of the sale, the chief financial officer owned 82,870 shares in the company, valued at $1,870,375.90. The trade was a 13.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Sanjiv Das sold 4,784 shares of Pagaya Technologies stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $22.57, for a total transaction of $107,974.88. Following the completion of the sale, the president owned 88,388 shares of the company's stock, valued at $1,994,917.16. This represents a 5.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,345,470 shares of company stock worth $24,118,452 over the last ninety days. 47.59% of the stock is owned by company insiders.

Institutional Trading of Pagaya Technologies

Several hedge funds have recently bought and sold shares of PGY. Frontier Capital Management Co. LLC acquired a new stake in Pagaya Technologies in the 4th quarter valued at $28,070,000. Millennium Management LLC grew 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 purchasing an additional 961,944 shares during the period. Point72 Asset Management L.P. grew 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 purchasing an additional 886,539 shares during the period. Two Sigma Investments LP grew 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 purchasing an additional 646,357 shares during the period. Finally, Nuveen LLC acquired a new stake in Pagaya Technologies in the 1st quarter valued at $6,465,000. Institutional investors and hedge funds own 57.14% of the company's stock.

Pagaya Technologies Trading Down 1.7%

The firm's 50-day moving average is $17.26 and its 200-day moving average is $12.94. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.82. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -4.55 and a beta of 5.93.

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.