Pagaya Technologies (NASDAQ:PGY) Shares Gap Up - Still a Buy?

Key Points

• Pagaya Technologies (NASDAQ:PGY) saw its stock price jump from a previous close of $29.69 to an opening price of $33.10, ultimately trading at $31.31 with a volume of over 3.3 million shares.
• Analysts have generally favorable opinions on the stock, with multiple upgrades occurring recently, including JMP Securities raising the price target to $35.00 and Benchmark reiterating a buy rating with a target of $48.00.
• Insiders have been selling shares, with President Sanjiv Das and CFO Evangelos Perros selling significant portions of their holdings, indicating a 12.07% and 19.55% decrease in their positions respectively.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $29.69, but opened at $33.10. Pagaya Technologies shares last traded at $31.31, with a volume of 3,396,196 shares changing hands.

Analyst Ratings Changes

PGY has been the topic of several research reports. JMP Securities raised their price target on shares of Pagaya Technologies from $26.00 to $35.00 and gave the company a "market outperform" rating in a report on Monday, August 11th. Stephens began coverage on shares of Pagaya Technologies in a research report on Thursday, June 12th. They set an "overweight" rating and a $22.00 price target for the company. Benchmark restated a "buy" rating and set a $48.00 price objective on shares of Pagaya Technologies in a research note on Wednesday. Oppenheimer increased their target price on shares of Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, Wall Street Zen downgraded shares of Pagaya Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 30th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Pagaya Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.33.

Pagaya Technologies Stock Performance

The company has a fifty day moving average of $34.57 and a 200 day moving average of $22.20. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market cap of $2.35 billion, a P/E ratio of -7.98 and a beta of 5.96.

Insider Buying and Selling

In other Pagaya Technologies news, President Sanjiv Das sold 13,304 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $40.62, for a total transaction of $540,408.48. Following the sale, the president owned 96,885 shares in the company, valued at approximately $3,935,468.70. The trade was a 12.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Evangelos Perros sold 14,356 shares of Pagaya Technologies stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $37.34, for a total transaction of $536,053.04. Following the completion of the transaction, the chief financial officer directly owned 59,079 shares in the company, valued at approximately $2,206,009.86. This trade represents a 19.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 97,565 shares of company stock worth $3,372,080 over the last three months. Corporate insiders own 47.59% of the company's stock.

Institutional Trading of Pagaya Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC grew its stake in shares of Pagaya Technologies by 177.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,561 shares of the company's stock valued at $140,000 after buying an additional 4,199 shares in the last quarter. Voleon Capital Management LP bought a new stake in Pagaya Technologies in the second quarter worth $353,000. HRT Financial LP raised its holdings in Pagaya Technologies by 142.6% during the second quarter. HRT Financial LP now owns 223,164 shares of the company's stock valued at $4,757,000 after buying an additional 131,173 shares in the last quarter. G2 Investment Partners Management LLC acquired a new stake in shares of Pagaya Technologies in the second quarter worth about $5,403,000. Finally, Engineers Gate Manager LP lifted its position in shares of Pagaya Technologies by 405.7% during the 2nd quarter. Engineers Gate Manager LP now owns 158,800 shares of the company's stock worth $3,386,000 after purchasing an additional 127,399 shares during the last quarter. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

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.