Pagaya Technologies (NASDAQ:PGY) Sets New 52-Week High - Should You Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price hit a new 52-week high on Tuesday . The stock traded as high as $24.09 and last traded at $23.86, with a volume of 628497 shares. The stock had previously closed at $23.69.

Wall Street Analyst Weigh In

PGY has been the subject of a number of research analyst reports. Oppenheimer increased their price objective on shares of Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Wall Street Zen lowered shares of Pagaya Technologies from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. JMP Securities reissued a "market outperform" rating and issued a $26.00 target price on shares of Pagaya Technologies in a report on Tuesday, June 24th. Keefe, Bruyette & Woods raised their target price on shares of Pagaya Technologies from $23.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Finally, Benchmark reissued a "buy" rating and issued a $25.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $22.45.

Pagaya Technologies Stock Performance

The stock's 50-day moving average is $17.97 and its 200-day moving average is $13.28. The stock has a market cap of $1.78 billion, a price-to-earnings ratio of -4.65 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.

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, insider Yahav Yulzari sold 52,867 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $20.24, for a total transaction of $1,070,028.08. Following the completion of the sale, the insider directly owned 4,087,724 shares in the company, valued at approximately $82,735,533.76. This trade represents a 1.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Tami Rosen sold 13,821 shares of Pagaya Technologies stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $21.85, for a total value of $301,988.85. Following the sale, the insider owned 35,619 shares of the company's stock, valued at approximately $778,275.15. This represents a 27.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,345,470 shares of company stock valued at $24,118,452 over the last three months. 47.59% of the stock is currently owned by company insiders.

Institutional Trading of Pagaya Technologies

Several institutional investors have recently bought and sold shares of PGY. Arizona State Retirement System lifted its stake in Pagaya Technologies by 10.9% in the fourth quarter. Arizona State Retirement System now owns 11,154 shares of the company's stock valued at $104,000 after buying an additional 1,092 shares during the period. Swiss National Bank lifted its stake in Pagaya Technologies by 8.9% in the fourth quarter. Swiss National Bank now owns 75,583 shares of the company's stock valued at $702,000 after buying an additional 6,200 shares during the period. Commonwealth Equity Services LLC lifted its stake in Pagaya Technologies by 21.0% in the fourth 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 period. Quantbot Technologies LP lifted its stake in Pagaya Technologies by 20.6% in the fourth quarter. Quantbot Technologies LP now owns 89,796 shares of the company's stock valued at $834,000 after buying an additional 15,358 shares during the period. Finally, American Century Companies Inc. acquired a new position in Pagaya Technologies in the fourth quarter valued at about $382,000. Institutional investors and hedge funds 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.

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