Pagaya Technologies (NASDAQ:PGY) Raised 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 investment analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

A number of other equities analysts also recently commented on the stock. B. Riley lifted their price objective on shares of Pagaya Technologies from $46.00 to $54.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Oppenheimer boosted their price target on shares of Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. 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. Citigroup boosted their price target on shares of Pagaya Technologies from $16.50 to $40.00 and gave the company a "buy" rating in a report on Monday, July 21st. Finally, Canaccord Genuity Group boosted their price target on shares of Pagaya Technologies from $28.00 to $36.00 and gave the company a "buy" rating in a report on Monday, August 11th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Pagaya Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $34.33.

Pagaya Technologies Stock Performance

Pagaya Technologies stock traded down $0.95 during mid-day trading on Friday, reaching $30.29. The company's stock had a trading volume of 3,955,643 shares, compared to its average volume of 3,945,431. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of -7.91 and a beta of 5.95. The business has a 50 day moving average price of $26.11 and a 200-day moving average price of $17.22. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85. Pagaya Technologies has a twelve month low of $8.20 and a twelve month high of $41.48.

Insider Buying and Selling at Pagaya Technologies

In related news, insider Tami Rosen sold 13,821 shares of Pagaya Technologies stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $21.85, for a total transaction of $301,988.85. Following the sale, the insider directly owned 35,619 shares in the company, valued at $778,275.15. The trade was a 27.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dan Petrozzo sold 8,484 shares of Pagaya Technologies stock in a transaction dated Friday, July 18th. The shares were 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 approximately $2,902,781.70. This represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 878,155 shares of company stock valued at $17,372,922. 47.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Frontier Capital Management Co. LLC bought a new stake in shares of Pagaya Technologies during the fourth quarter valued at about $28,070,000. Goldman Sachs Group Inc. raised its stake in shares of Pagaya Technologies by 26.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company's stock valued at $17,871,000 after purchasing an additional 359,099 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Pagaya Technologies by 436.9% during the second quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company's stock valued at $29,534,000 after purchasing an additional 1,127,242 shares in the last quarter. Millennium Management LLC raised its position in Pagaya Technologies by 320.1% in 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 in the last quarter. Finally, BNP Paribas Financial Markets raised its position in Pagaya Technologies by 1,231.6% in the second quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company's stock worth $25,591,000 after acquiring an additional 1,110,208 shares in the last quarter. 57.14% of the stock is currently owned by institutional investors.

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.