Pagaya Technologies (NASDAQ:PGY) Shares Gap Up - Here's What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $18.74, but opened at $19.70. Pagaya Technologies shares last traded at $19.43, with a volume of 787,019 shares traded.

Wall Street Analysts Forecast Growth

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

Pagaya Technologies Price Performance

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 firm has a market capitalization of $1.50 billion, a PE ratio of -3.92 and a beta of 5.94. The company has a fifty day moving average price of $14.74 and a two-hundred day moving average price of $12.04.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 12,789 shares of the firm's stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $9.35, for a total value of $119,577.15. Following the sale, the president now directly owns 105,817 shares of the company's stock, valued at approximately $989,388.95. This trade represents a 10.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $210,647.20. Following the sale, the chief financial officer now directly owns 72,859 shares of the company's stock, valued at $1,304,176.10. This represents a 13.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 701,195 shares of company stock valued at $11,264,963. 47.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds have recently modified their holdings of PGY. Virtus Advisers LLC bought a new position in Pagaya Technologies during the first quarter worth $35,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Pagaya Technologies in the 4th quarter valued at about $43,000. GAMMA Investing LLC lifted its position in shares of Pagaya Technologies by 5,431.3% during the 1st quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock valued at $46,000 after acquiring an additional 4,345 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Pagaya Technologies in the 4th quarter worth about $67,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Pagaya Technologies in the fourth quarter valued at $93,000. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

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.