Pagaya Technologies (NASDAQ:PGY) Shares Up 5.9% - Here's Why

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s share price traded up 5.9% during mid-day trading on Tuesday . The stock traded as high as $11.27 and last traded at $11.67. 52,482 shares changed hands during trading, a decline of 97% from the average session volume of 1,768,127 shares. The stock had previously closed at $11.02.

Analysts Set New Price Targets

Several research firms have weighed in on PGY. B. Riley reiterated a "buy" rating and issued a $36.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Benchmark reaffirmed a "buy" rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Monday, March 17th. Canaccord Genuity Group reiterated a "buy" rating and set a $25.00 price target on shares of Pagaya Technologies in a report on Thursday, February 13th. JMP Securities upped their target price on shares of Pagaya Technologies from $25.00 to $26.00 and gave the company a "market outperform" rating in a research report on Friday, February 14th. Finally, Citigroup raised shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and boosted their price target for the company from $13.00 to $14.50 in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Pagaya Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $20.61.

Pagaya Technologies Stock Performance

The firm's 50 day moving average is $10.67 and its two-hundred day moving average is $10.70. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17. The stock has a market capitalization of $891.23 million, a PE ratio of -2.16 and a beta of 5.89.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.32). The company had revenue of $279.39 million for the quarter, compared to analysts' expectations of $264.28 million. Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. During the same quarter last year, the company earned $0.24 EPS. As a group, research analysts predict that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Tami Rosen sold 9,846 shares of the company's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $12.18, for a total transaction of $119,924.28. Following the completion of the transaction, the insider now directly owns 73,550 shares of the company's stock, valued at approximately $895,839. This represents a 11.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 in the company, valued at $989,388.95. This trade represents a 10.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,004 shares of company stock worth $770,036 over the last 90 days. 49.56% of the stock is owned by insiders.

Institutional Trading of Pagaya Technologies

Several institutional investors have recently modified their holdings of PGY. Invesco Ltd. raised its stake in Pagaya Technologies by 1.8% during the 4th quarter. Invesco Ltd. now owns 48,030 shares of the company's stock worth $446,000 after acquiring an additional 864 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Pagaya Technologies by 10.9% in the 4th quarter. Arizona State Retirement System now owns 11,154 shares of the company's stock valued at $104,000 after purchasing an additional 1,092 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Pagaya Technologies by 9.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,361 shares of the company's stock valued at $130,000 after purchasing an additional 1,094 shares during the period. CIBC Private Wealth Group LLC grew its stake in Pagaya Technologies by 15.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company's stock worth $101,000 after buying an additional 1,532 shares during the last quarter. Finally, Tidal Investments LLC increased its position in Pagaya Technologies by 4.6% during the third quarter. Tidal Investments LLC now owns 41,322 shares of the company's stock worth $437,000 after buying an additional 1,826 shares during the period. Hedge funds and other institutional investors 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.