Pagaya Technologies (NASDAQ:PGY) Shares Up 4.7% - Should You Buy?

Key Points

• Pagaya Technologies Ltd. (NASDAQ: PGY) shares rose 4.7%, reaching a high of $39.59, with the stock trading significantly below its average session volume.
• Analysts have upgraded their price targets for Pagaya, with estimates ranging from $27.00 to $54.00, and the stock receiving an overall consensus rating of "Moderate Buy."
• Insider trading activities revealed that executives sold significant amounts of shares, with insiders owning approximately 47.59% of the company stock.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price shot up 4.7% during mid-day trading on Friday . The stock traded as high as $39.59 and last traded at $39.93. 828,058 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 2,697,832 shares. The stock had previously closed at $38.13.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PGY shares. Canaccord Genuity Group lifted their price target on shares of Pagaya Technologies from $28.00 to $36.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Keefe, Bruyette & Woods raised their price objective on Pagaya Technologies from $27.00 to $38.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Stephens began coverage on Pagaya Technologies in a research note on Thursday, June 12th. They set an "overweight" rating and a $22.00 price objective for the company. JMP Securities upped their price target on shares of Pagaya Technologies from $26.00 to $35.00 and gave the stock a "market outperform" rating in a research report on Monday, August 11th. Finally, Citigroup increased their price objective on shares of Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research note on Monday, July 21st. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Pagaya Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

Pagaya Technologies Trading Up 3.9%

The stock has a fifty day moving average price of $31.61 and a 200 day moving average price of $19.99. The stock has a market cap of $3.16 billion, a PE ratio of -10.74 and a beta of 5.96. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.42 and a current ratio of 1.42.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, insider Tami Rosen sold 14,645 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $22.57, for a total transaction of $330,537.65. Following the completion of the transaction, the insider owned 49,440 shares in the company, valued at $1,115,860.80. The trade was a 22.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Yahav Yulzari sold 241,160 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total value of $4,738,794.00. Following the transaction, the insider owned 3,846,564 shares of the company's stock, valued at $75,584,982.60. This trade represents a 5.90% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 715,267 shares of company stock valued at $14,836,630. 47.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of PGY. MassMutual Private Wealth & Trust FSB purchased a new stake in Pagaya Technologies during the second quarter worth $25,000. Caitong International Asset Management Co. Ltd lifted its holdings in Pagaya Technologies by 35.8% during the second quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company's stock worth $42,000 after buying an additional 520 shares during the period. Virtus Advisers LLC purchased a new stake in Pagaya Technologies during the first quarter worth $35,000. GAMMA Investing LLC lifted its holdings in Pagaya Technologies by 5,431.3% during the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock worth $46,000 after buying an additional 4,345 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Pagaya Technologies by 77.4% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,435 shares of the company's stock worth $95,000 after buying an additional 1,935 shares during the period. 57.14% of the stock is owned by 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.