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

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on PGY shares. Benchmark reaffirmed a "buy" rating and set a $25.00 price target on shares of Pagaya Technologies in a research report on Monday, March 17th. Stephens began 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. Finally, B. Riley reiterated a "buy" rating and issued a $36.00 price target on shares of Pagaya Technologies in a research report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $20.50.

Pagaya Technologies Price Performance

The firm has a market cap of $1.42 billion, a PE ratio of -3.70 and a beta of 5.94. The firm's fifty day simple moving average is $14.36 and its two-hundred day simple moving average is $11.92. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.82.

Insider Activity

In related news, CFO Evangelos Perros sold 11,768 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $17.90, for a total value of $210,647.20. Following the sale, the chief financial officer now owns 72,859 shares in the company, valued at approximately $1,304,176.10. The trade was a 13.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Sanjiv Das sold 12,789 shares of Pagaya Technologies stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $9.35, for a total transaction of $119,577.15. Following the completion of the transaction, the president now directly owns 105,817 shares of the company's stock, valued at $989,388.95. The trade was a 10.78% 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 Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Frontier Capital Management Co. LLC purchased a new position in Pagaya Technologies in the 4th quarter worth about $28,070,000. Goldman Sachs Group Inc. increased its position 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 worth $17,871,000 after acquiring an additional 359,099 shares during the period. Millennium Management LLC raised its stake in shares of Pagaya Technologies by 320.1% during the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock valued at $13,230,000 after acquiring an additional 961,944 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings 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 purchasing an additional 886,539 shares during the period. Finally, Two Sigma Investments LP grew 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 worth $7,675,000 after purchasing an additional 646,357 shares in the last quarter. Institutional investors own 57.14% of the company's stock.

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.