Pagaya Technologies (NASDAQ:PGY) Upgraded to "Strong-Buy" at Wall Street Zen

Key Points

• Pagaya Technologies has been upgraded from a "buy" rating to a "strong-buy" rating by Wall Street Zen, indicating increased confidence in the company's performance.
• Multiple research firms have raised their price targets for Pagaya Technologies, with Keefe, Bruyette & Woods setting their target at $38.00 and Citigroup at $40.00.
• Insider trading activity has seen significant sales, with a notable 878,155 shares sold by insiders over the past three months, which may indicate a shift in their confidence regarding the company's stock.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report issued on Saturday.

PGY has been the topic of several other reports. B. Riley boosted their price objective on Pagaya Technologies from $46.00 to $54.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Stephens started coverage on Pagaya Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $22.00 price target for the company. Keefe, Bruyette & Woods lifted their price objective on Pagaya Technologies from $27.00 to $38.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Oppenheimer boosted their target price on Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Canaccord Genuity Group upped their price objective on Pagaya Technologies from $28.00 to $36.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Pagaya Technologies currently has an average rating of "Buy" and an average target price of $34.33.

Pagaya Technologies Stock Performance

Shares of PGY stock traded down $0.22 on Friday, reaching $33.30. The stock had a trading volume of 3,288,754 shares, compared to its average volume of 4,050,075. The stock has a market cap of $2.55 billion, a P/E ratio of -8.69 and a beta of 5.95. Pagaya Technologies has a 1 year low of $8.20 and a 1 year high of $41.48. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.42 and a current ratio of 1.42. The company has a 50 day simple moving average of $25.27 and a 200 day simple moving average of $16.86.

Insider Buying and Selling at Pagaya Technologies

In related news, insider Tami Rosen sold 13,821 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $21.85, for a total transaction of $301,988.85. Following the transaction, the insider owned 35,619 shares of the company's stock, valued at $778,275.15. This trade represents a 27.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dan Petrozzo sold 8,484 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $30.15, for a total transaction of $255,792.60. Following the sale, the director owned 96,278 shares in the company, valued at $2,902,781.70. This trade represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 878,155 shares of company stock valued at $17,372,922 over the last three months. 47.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

Large investors have recently bought and sold shares of the stock. Frontier Capital Management Co. LLC bought a new stake in shares of Pagaya Technologies in the 4th quarter valued at approximately $28,070,000. Goldman Sachs Group Inc. increased its position in Pagaya Technologies by 26.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company's stock valued at $17,871,000 after acquiring an additional 359,099 shares during the period. JPMorgan Chase & Co. lifted its stake in Pagaya Technologies by 436.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company's stock valued at $29,534,000 after buying an additional 1,127,242 shares in the last quarter. Millennium Management LLC increased its holdings 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 in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Pagaya Technologies by 1,231.6% during the second quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company's stock worth $25,591,000 after purchasing an additional 1,110,208 shares during the last quarter. 57.14% of the stock is currently owned by institutional investors.

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.