Pagaya Technologies (NASDAQ:PGY) Sets New 1-Year High Following Analyst Upgrade

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday after Oppenheimer raised their price target on the stock from $16.00 to $25.00. Oppenheimer currently has an outperform rating on the stock. Pagaya Technologies traded as high as $23.06 and last traded at $22.59, with a volume of 4353723 shares. The stock had previously closed at $21.32.

A number of other research firms have also recently issued reports on PGY. Benchmark reiterated a "buy" rating and set a $25.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. B. Riley reiterated a "buy" rating and set a $36.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Stephens started coverage on Pagaya Technologies in a research note on Thursday, June 12th. They issued an "overweight" rating and a $22.00 target price on the stock. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $26.00 price target on shares of Pagaya Technologies in a research report on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Pagaya Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $21.94.

Insider Buying and Selling

In other news, President Sanjiv Das sold 31,382 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $17.15, for a total value of $538,201.30. Following the sale, the president directly owned 74,435 shares of the company's stock, valued at approximately $1,276,560.25. This represents a 29.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Avital Pardo sold 239,989 shares of Pagaya Technologies stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $19.65, for a total value of $4,715,783.85. Following the transaction, the chief technology officer owned 802,961 shares of the company's stock, valued at $15,778,183.65. The trade was a 23.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,345,470 shares of company stock valued at $24,118,452 in the last ninety days. 47.59% of the stock is owned by company insiders.

Institutional Trading of Pagaya Technologies

Several institutional investors and hedge funds have recently bought and sold shares of PGY. Virtus Advisers LLC acquired a new position in shares of Pagaya Technologies during the 1st quarter worth approximately $35,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Pagaya Technologies in the fourth quarter valued at $43,000. GAMMA Investing LLC raised its position 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 valued at $46,000 after purchasing an additional 4,345 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Pagaya Technologies during the 4th quarter worth about $67,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Pagaya Technologies during the 4th quarter worth about $93,000. Institutional investors own 57.14% of the company's stock.

Pagaya Technologies Stock Performance

The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -4.37 and a beta of 5.93. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.82. The stock's 50 day moving average is $16.36 and its 200 day moving average is $12.57.

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.