Pagaya Technologies (NASDAQ:PGY) Hits New 52-Week High After Analyst Upgrade

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s share price hit a new 52-week high on Monday after Citigroup raised their price target on the stock from $16.50 to $40.00. Citigroup currently has a buy rating on the stock. Pagaya Technologies traded as high as $34.06 and last traded at $33.77, with a volume of 2077936 shares trading hands. The stock had previously closed at $31.12.

Other analysts have also recently issued reports about the stock. Benchmark increased their price target on shares of Pagaya Technologies from $25.00 to $42.00 and gave the company a "buy" rating in a research note on Friday. Keefe, Bruyette & Woods boosted their price target on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. JMP Securities reissued a "market outperform" rating and set a $26.00 price target on shares of Pagaya Technologies in a research note on Tuesday, June 24th. Stephens assumed coverage on shares of Pagaya Technologies in a research note on Thursday, June 12th. They set an "overweight" rating and a $22.00 price target for the company. Finally, Wall Street Zen upgraded shares of Pagaya Technologies from a "hold" rating to a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.70.

Insider Buying and Selling at Pagaya Technologies

In other news, insider Yahav Yulzari sold 241,160 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total value of $4,738,794.00. Following the transaction, the insider directly owned 3,846,564 shares of the company's stock, valued at $75,584,982.60. This represents a 5.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tami Rosen sold 14,645 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $22.57, for a total transaction of $330,537.65. Following the completion of the transaction, the insider directly owned 49,440 shares in the company, valued at $1,115,860.80. The trade was a 22.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,353,907 shares of company stock worth $24,585,322. Company insiders own 47.59% of the company's stock.

Institutional Trading of Pagaya Technologies

Several large investors have recently made changes to their positions in PGY. Invesco Ltd. boosted its position in Pagaya Technologies by 1.8% during the 4th quarter. Invesco Ltd. now owns 48,030 shares of the company's stock worth $446,000 after buying an additional 864 shares during the period. GAMMA Investing LLC increased its stake in shares of Pagaya Technologies by 21.2% in the 2nd quarter. GAMMA Investing LLC now owns 5,363 shares of the company's stock valued at $114,000 after acquiring an additional 938 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Pagaya Technologies by 9.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,361 shares of the company's stock valued at $130,000 after acquiring an additional 1,094 shares in the last quarter. MassMutual Private Wealth & Trust FSB bought a new stake in shares of Pagaya Technologies in the 2nd quarter valued at $25,000. Finally, Swiss National Bank increased its stake in shares of 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 in the last quarter. Institutional investors and hedge funds own 57.14% of the company's stock.

Pagaya Technologies Stock Up 7.3%

The firm's 50 day moving average price is $19.10 and its two-hundred day moving average price is $13.77. The company has a market cap of $2.53 billion, a P/E ratio of -6.60 and a beta of 5.93. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.79 and a current ratio of 1.79.

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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