Pagaya Technologies (NASDAQ:PGY) Trading 4.3% Higher - Here's Why

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) shot up 4.3% on Thursday . The company traded as high as $19.01 and last traded at $18.98. 866,160 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 1,943,131 shares. The stock had previously closed at $18.19.

Analysts Set New Price Targets

A number of equities analysts recently commented on PGY shares. Canaccord Genuity Group restated a "buy" rating and set a $25.00 target price on shares of Pagaya Technologies in a report on Thursday, February 13th. Benchmark reissued a "buy" rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Monday, March 17th. Stephens assumed coverage on Pagaya Technologies in a research report on Thursday. They set an "overweight" rating and a $22.00 price objective on the stock. JMP Securities upped their target price on Pagaya Technologies from $25.00 to $26.00 and gave the stock a "market outperform" rating in a report on Friday, February 14th. Finally, B. Riley reissued a "buy" rating and issued a $36.00 target price on shares of Pagaya Technologies in a research report on Monday, March 17th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Pagaya Technologies has a consensus rating of "Moderate Buy" and an average price target of $20.75.

Pagaya Technologies Stock Performance

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 $1.38 billion, a P/E ratio of -3.31 and a beta of 5.93. The business has a 50-day moving average price of $13.27 and a 200 day moving average price of $11.57.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, insider Tami Rosen sold 13,814 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $17.68, for a total transaction of $244,231.52. Following the sale, the insider now directly owns 38,181 shares in the company, valued at approximately $675,040.08. This trade represents a 26.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Avital Pardo sold 237,748 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $15.16, for a total value of $3,604,259.68. Following the completion of the transaction, the chief technology officer now owns 2,401,528 shares of the company's stock, valued at $36,407,164.48. This represents a 9.01% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 533,737 shares of company stock worth $8,114,410. 47.59% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Frontier Capital Management Co. LLC purchased a new position in Pagaya Technologies in the 4th quarter worth about $28,070,000. Goldman Sachs Group Inc. grew its stake in shares of Pagaya Technologies by 26.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company's stock worth $17,871,000 after acquiring an additional 359,099 shares during the period. Millennium Management LLC raised its holdings in shares of Pagaya Technologies by 320.1% during the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock valued at $13,230,000 after purchasing an additional 961,944 shares during the last quarter. Point72 Asset Management L.P. lifted its position in Pagaya Technologies by 284.3% during the fourth quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company's stock valued at $11,133,000 after purchasing an additional 886,539 shares during the period. Finally, Two Sigma Investments LP lifted its position in Pagaya Technologies by 359.6% during the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company's stock valued at $7,675,000 after purchasing an additional 646,357 shares during the period. 57.14% of the stock is owned by 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.