Pagaya Technologies (NASDAQ:PGY) Trading Up 8.2% - Here's Why

Key Points

• Pagaya Technologies stock price surged by 8.2%, reaching a high of $31.52 on Monday, despite a significant drop in trading volume compared to its average.
• Several research firms have raised their price targets for Pagaya Technologies, with Benchmark setting a new target of $42.00 and Citigroup raising theirs to $40.00, indicating strong analyst confidence.
• Insiders, including President Sanjiv Das and CTO Avital Pardo, have sold shares recently, with insiders collectively offloading over 1.35 million shares valued at approximately $24.6 million in the last quarter.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price rose 8.2% during trading on Monday . The stock traded as high as $31.52 and last traded at $31.50. Approximately 1,469,997 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 2,483,323 shares. The stock had previously closed at $29.12.

Analyst Ratings Changes

A number of research firms recently commented on PGY. Stephens started coverage on Pagaya Technologies in a research note on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price target for the company. Keefe, Bruyette & Woods lifted their target price on Pagaya Technologies from $23.00 to $27.00 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Oppenheimer boosted their price objective on Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Citigroup boosted their target price on Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a report on Monday, July 21st. Finally, Benchmark boosted their target price on Pagaya Technologies from $25.00 to $42.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $26.70.

Pagaya Technologies Stock Down 5.7%

The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.79 and a current ratio of 1.79. The stock has a market cap of $2.34 billion, a P/E ratio of -6.09 and a beta of 5.95. The stock's fifty day simple moving average is $22.98 and its 200-day simple moving average is $15.57.

Insider Buying and Selling

In other Pagaya Technologies news, insider Tami Rosen sold 13,821 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $21.85, for a total transaction of $301,988.85. Following the transaction, the insider 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Evangelos Perros sold 12,755 shares of the company's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $22.57, for a total transaction of $287,880.35. Following the transaction, the chief financial officer owned 82,870 shares in the company, valued at approximately $1,870,375.90. The trade was a 13.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,353,907 shares of company stock worth $24,585,322. Corporate insiders own 47.59% of the company's stock.

Institutional Investors Weigh In On Pagaya Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of PGY. Bank of New York Mellon Corp increased its stake in shares of Pagaya Technologies by 7.0% in the second quarter. Bank of New York Mellon Corp now owns 515,869 shares of the company's stock worth $10,998,000 after buying an additional 33,851 shares during the period. Corton Capital Inc. increased its position in Pagaya Technologies by 26.6% during the 2nd quarter. Corton Capital Inc. now owns 28,551 shares of the company's stock valued at $609,000 after purchasing an additional 5,991 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Pagaya Technologies during the 2nd quarter valued at $1,699,000. Nisa Investment Advisors LLC increased its position in Pagaya Technologies by 8.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 6,676 shares of the company's stock valued at $142,000 after purchasing an additional 526 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its position in Pagaya Technologies by 35.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company's stock valued at $42,000 after purchasing an additional 520 shares during the period. 57.14% of the stock is owned by hedge funds and other 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.