Pagaya Technologies (NASDAQ:PGY) Trading Up 7.3% on Analyst Upgrade

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) shot up 7.3% during mid-day trading on Friday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $31.95 and last traded at $31.65. 1,296,001 shares changed hands during trading, a decline of 38% from the average session volume of 2,091,921 shares. The stock had previously closed at $29.50.

PGY has been the subject of several other reports. Keefe, Bruyette & Woods increased their price target on Pagaya Technologies from $23.00 to $27.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Oppenheimer increased their price target on Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Benchmark increased their price target on Pagaya Technologies from $25.00 to $42.00 and gave the company a "buy" rating in a research report on Friday. Stephens assumed coverage on shares of Pagaya Technologies in a research note on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price target for the company. Finally, JMP Securities reiterated a "market outperform" rating and issued a $26.00 price target on shares of Pagaya Technologies in a research note on Tuesday, June 24th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Pagaya Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.15.

Insider Activity at Pagaya Technologies

In other news, President Sanjiv Das sold 12,742 shares of the firm's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $25.95, for a total transaction of $330,654.90. Following the completion of the sale, the president owned 98,562 shares in the company, valued at approximately $2,557,683.90. This trade represents a 11.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Tami Rosen sold 13,821 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $21.85, for a total transaction of $301,988.85. Following the transaction, the insider directly owned 35,619 shares in the company, 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 have sold a total of 1,353,907 shares of company stock worth $24,585,322 in the last quarter. 47.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of hedge funds have recently bought and sold shares of PGY. Swiss National Bank increased its holdings in Pagaya Technologies by 8.9% in the 4th 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 boosted its position in Pagaya Technologies by 21.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 22,828 shares of the company's stock worth $212,000 after buying an additional 3,965 shares during the period. Quantbot Technologies LP boosted its position in Pagaya Technologies by 20.6% during the 4th quarter. Quantbot Technologies LP now owns 89,796 shares of the company's stock worth $834,000 after buying an additional 15,358 shares during the period. American Century Companies Inc. acquired a new position in shares of Pagaya Technologies in the 4th quarter worth approximately $382,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Pagaya Technologies in the 4th quarter worth approximately $67,000. 57.14% of the stock is owned by institutional investors.

Pagaya Technologies Stock Up 5.5%

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 stock's 50-day moving average price is $19.10 and its 200-day moving average price is $13.74. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of -6.14 and a beta of 5.93.

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.