Pagaya Technologies (NASDAQ:PGY) Receives Sell (D-) Rating from Weiss Ratings

Key Points

• Pagaya Technologies (NASDAQ: PGY) has received a "Sell (D-)" rating from Weiss Ratings, indicating negative sentiment towards the stock's performance.
• Despite the unfavorable rating from Weiss, several other analysts have issued positive ratings, with Citigroup raising their target price on the stock from $16.50 to $40.00, and a consensus price target of $34.33 across multiple reports.
• Insider trading has seen significant activity, with insiders selling a combined 116,307 shares in the last three months, reflecting a notable decline in their ownership stakes.

Pagaya Technologies (NASDAQ:PGY - Get Free Report)'s stock had its "sell (d-)" rating restated by research analysts at Weiss Ratings in a report released on Tuesday,Weiss Ratings reports.

Other equities analysts have also issued reports about the company. Citigroup upped their target price on Pagaya Technologies from $16.50 to $40.00 and gave the company a "buy" rating in a report on Monday, July 21st. Oppenheimer increased their price objective on Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. B. Riley increased their price objective on Pagaya Technologies from $46.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Canaccord Genuity Group increased 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. Finally, Benchmark reiterated a "buy" rating and set a $48.00 price objective on shares of Pagaya Technologies in a research report on Wednesday, October 1st. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $34.33.

Pagaya Technologies Stock Up 8.4%

Pagaya Technologies stock traded up $2.36 during midday trading on Tuesday, reaching $30.33. The stock had a trading volume of 4,732,585 shares, compared to its average volume of 3,022,707. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85. The company has a fifty day moving average price of $34.31 and a two-hundred day moving average price of $23.41. The company has a market capitalization of $2.32 billion, a P/E ratio of -7.93 and a beta of 5.86. Pagaya Technologies has a 12 month low of $8.20 and a 12 month high of $44.99.

Insider Buying and Selling

In other news, insider Tami Rosen sold 15,026 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $30.73, for a total value of $461,748.98. Following the sale, the insider directly owned 28,181 shares of the company's stock, valued at $866,002.13. The trade was a 34.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Sanjiv Das sold 4,783 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $30.20, for a total value of $144,446.60. Following the sale, the president directly owned 100,640 shares in the company, valued at $3,039,328. This trade represents a 4.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 116,307 shares of company stock valued at $4,061,458. 47.59% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB purchased a new position in Pagaya Technologies during the 2nd quarter valued at $25,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Pagaya Technologies by 35.8% in the second quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company's stock valued at $42,000 after purchasing an additional 520 shares during the period. Virtus Advisers LLC acquired a new position in shares of Pagaya Technologies in the first quarter valued at about $35,000. GAMMA Investing LLC boosted its stake in shares of Pagaya Technologies by 5,431.3% in the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock worth $46,000 after buying an additional 4,345 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. grew its holdings in Pagaya Technologies by 77.4% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,435 shares of the company's stock valued at $95,000 after purchasing an additional 1,935 shares during the period. Hedge funds and other institutional investors own 57.14% of the company's stock.

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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