Pagaya Technologies (NASDAQ:PGY) Sets New 1-Year High - Still a Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) shares hit a new 52-week high during trading on Friday . The stock traded as high as $19.20 and last traded at $18.76, with a volume of 140916 shares traded. The stock had previously closed at $18.85.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Stephens assumed coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They set an "overweight" rating and a $22.00 target price on the stock. B. Riley reaffirmed a "buy" rating and set a $36.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, Benchmark reaffirmed a "buy" rating and set a $25.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Pagaya Technologies has a consensus rating of "Moderate Buy" and an average price target of $20.50.

Pagaya Technologies Price Performance

The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 31.42 and a beta of 5.93. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.82. The business's 50 day simple moving average is $14.17 and its 200-day simple moving average is $11.84.

Insiders Place Their Bets

In other news, insider Yahav Yulzari sold 5,144 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $19.02, for a total value of $97,838.88. Following the sale, the insider now directly owns 4,153,550 shares in the company, valued at approximately $79,000,521. This trade represents a 0.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Avital Pardo sold 4,939 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $19.01, for a total transaction of $93,890.39. Following the completion of the sale, the chief technology officer now owns 1,110,220 shares in the company, valued at approximately $21,105,282.20. The trade was a 0.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 675,220 shares of company stock worth $10,770,778 over the last ninety days. Corporate insiders own 47.59% of the company's stock.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds have recently made changes to their positions in PGY. Rhumbline Advisers boosted its stake in shares of Pagaya Technologies by 14.7% in the 4th quarter. Rhumbline Advisers now owns 75,620 shares of the company's stock valued at $703,000 after purchasing an additional 9,674 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Pagaya Technologies by 80.7% in the 4th quarter. IFP Advisors Inc now owns 13,265 shares of the company's stock valued at $123,000 after purchasing an additional 5,925 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Pagaya Technologies by 10.9% in the 4th quarter. Arizona State Retirement System now owns 11,154 shares of the company's stock valued at $104,000 after purchasing an additional 1,092 shares in the last quarter. Swiss National Bank boosted its stake in shares of Pagaya Technologies by 8.9% in the 4th quarter. Swiss National Bank now owns 75,583 shares of the company's stock valued at $702,000 after purchasing an additional 6,200 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in Pagaya Technologies by 21.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 22,828 shares of the company's stock valued at $212,000 after buying an additional 3,965 shares during the last quarter. 57.14% of the stock is currently owned by institutional investors and hedge funds.

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.