Pagaya Technologies (NASDAQ:PGY) Sets New 52-Week High - Here's Why

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $20.60 and last traded at $19.18, with a volume of 2020317 shares changing hands. The stock had previously closed at $19.96.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PGY. Benchmark restated a "buy" rating and set a $25.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. B. Riley reissued a "buy" rating and set a $36.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. JMP Securities restated a "market outperform" rating and set a $26.00 price objective on shares of Pagaya Technologies in a report on Tuesday. Finally, Stephens assumed coverage on shares of Pagaya Technologies in a research note on Thursday, June 12th. They issued an "overweight" rating and a $22.00 target price for the company. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.50.

Pagaya Technologies Price Performance

The company's fifty day moving average price is $14.94 and its two-hundred day moving average price is $12.09. 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 company has a market cap of $1.45 billion, a price-to-earnings ratio of -3.78 and a beta of 5.93.

Insider Buying and Selling

In other news, insider Yahav Yulzari sold 238,004 shares of Pagaya Technologies stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $15.16, for a total value of $3,608,140.64. Following the sale, the insider now directly owns 4,346,141 shares in the company, valued at $65,887,497.56. This trade represents a 5.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Sanjiv Das sold 12,789 shares of the business's 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 sale, the president now directly owns 105,817 shares in the company, valued at approximately $989,388.95. This represents a 10.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,299,465 shares of company stock valued at $23,090,070. Company insiders own 47.59% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Virtus Advisers LLC bought a new stake in shares of Pagaya Technologies during the 1st quarter worth approximately $35,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Pagaya Technologies during the fourth quarter worth $43,000. GAMMA Investing LLC raised its position in Pagaya Technologies by 5,431.3% during the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock worth $46,000 after acquiring an additional 4,345 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Pagaya Technologies in the fourth quarter valued at $67,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Pagaya Technologies in the 4th quarter valued at about $93,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.