Pagaya Technologies (NASDAQ:PGY) Hits New 12-Month High - Still a Buy?

Key Points

• Pagaya Technologies shares reached a new **52-week high** at **$38.94** after trading as high as **$36.23** on Thursday.
• Multiple brokerages have upgraded their target prices, with **Citigroup** raising its target from **$16.50 to $40.00**, and a widespread consensus rating for the stock is **"Moderate Buy"** with a price target of **$26.70**.
• Significant insider selling was noted, with **Director Dan Petrozzo** selling **8,484 shares** and **CTO Avital Pardo** selling **54,254 shares** over recent months.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) shares reached a new 52-week high on Thursday . The stock traded as high as $36.23 and last traded at $38.94, with a volume of 598384 shares. The stock had previously closed at $31.36.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PGY. Stephens initiated coverage on shares of Pagaya Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $22.00 target price for the company. Oppenheimer lifted their target price on shares of Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Citigroup upped 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. Keefe, Bruyette & Woods upped their target price on shares of Pagaya Technologies from $23.00 to $27.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $26.00 price target on shares of Pagaya Technologies in a research report on Tuesday, June 24th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.70.

Pagaya Technologies Price Performance

The stock has a market cap of $2.41 billion, a PE ratio of -6.30 and a beta of 5.95. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.79 and a quick ratio of 1.79. The business has a fifty day moving average of $23.27 and a 200 day moving average of $15.68.

Insider Transactions at Pagaya Technologies

In other news, Director Dan Petrozzo sold 8,484 shares of the firm's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $30.15, for a total value of $255,792.60. Following the completion of the sale, the director owned 96,278 shares of the company's stock, valued at $2,902,781.70. This trade represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Avital Pardo sold 54,254 shares of Pagaya Technologies stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $20.24, for a total value of $1,098,100.96. Following the sale, the chief technology officer directly owned 1,042,950 shares of the company's stock, valued at approximately $21,109,308. The trade was a 4.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,353,907 shares of company stock worth $24,585,322 over the last quarter. Insiders own 47.59% of the company's stock.

Institutional Trading of Pagaya Technologies

Several institutional investors and hedge funds have recently made changes to their positions in PGY. Frontier Capital Management Co. LLC acquired a new position in Pagaya Technologies in the 4th quarter worth $28,070,000. Goldman Sachs Group Inc. lifted its position in Pagaya Technologies by 26.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company's stock worth $17,871,000 after acquiring an additional 359,099 shares during the last quarter. Millennium Management LLC lifted its position in Pagaya Technologies by 320.1% during the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock worth $13,230,000 after acquiring an additional 961,944 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Pagaya Technologies by 284.3% in the fourth 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 in the last quarter. Finally, Two Sigma Investments LP increased its stake in Pagaya Technologies by 359.6% in the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company's stock valued at $7,675,000 after acquiring an additional 646,357 shares during the last quarter. Institutional investors own 57.14% of the company's stock.

About Pagaya Technologies

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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