Pagaya Technologies (NASDAQ:PGY) Hits New 1-Year High on 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 brokerages have also recently issued reports on PGY. Oppenheimer raised their target price 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. Wall Street Zen downgraded shares of Pagaya Technologies from a "buy" rating to a "hold" rating in a research note on Saturday. Benchmark reissued a "buy" rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Monday, March 17th. B. Riley reaffirmed a "buy" rating and set a $36.00 target price on shares of Pagaya Technologies in a research note on Monday, March 17th. Finally, JMP Securities reissued a "market outperform" rating and issued a $26.00 price objective on shares of Pagaya Technologies in a research report on Tuesday, June 24th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Pagaya Technologies has an average rating of "Moderate Buy" and a consensus price target of $22.45.

Insider Activity at Pagaya Technologies

In related news, CTO Avital Pardo sold 239,989 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total value of $4,715,783.85. Following the sale, the chief technology officer directly owned 802,961 shares of the company's stock, valued at approximately $15,778,183.65. This trade represents a 23.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Sanjiv Das sold 31,382 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $17.15, for a total transaction of $538,201.30. Following the completion of the sale, the president directly owned 74,435 shares in the company, valued at $1,276,560.25. This represents a 29.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,345,470 shares of company stock worth $24,118,452. 47.59% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its stake in shares of Pagaya Technologies by 1.8% in the fourth quarter. Invesco Ltd. now owns 48,030 shares of the company's stock worth $446,000 after buying an additional 864 shares during the last quarter. Arizona State Retirement System lifted its holdings in Pagaya Technologies by 10.9% in the fourth quarter. Arizona State Retirement System now owns 11,154 shares of the company's stock worth $104,000 after purchasing an additional 1,092 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in 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 purchasing an additional 1,094 shares during the period. MassMutual Private Wealth & Trust FSB acquired a new stake in Pagaya Technologies in the 2nd quarter valued at about $25,000. Finally, Swiss National Bank lifted its holdings in Pagaya Technologies by 1.7% in the 1st quarter. Swiss National Bank now owns 76,883 shares of the company's stock valued at $806,000 after acquiring an additional 1,300 shares during the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Stock Up 6.3%

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 $1.77 billion, a price-to-earnings ratio of -4.61 and a beta of 5.93. The stock's fifty day simple moving average is $17.01 and its two-hundred day simple moving average is $12.87.

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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