Pagaya Technologies (NASDAQ:PGY) Trading Up 6.8% - Should You Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s share price rose 6.8% during mid-day trading on Friday . The stock traded as high as $20.70 and last traded at $20.83. Approximately 1,170,298 shares changed hands during trading, a decline of 41% from the average daily volume of 1,987,338 shares. The stock had previously closed at $19.51.

Wall Street Analysts Forecast Growth

PGY has been the topic of several research reports. Benchmark reiterated a "buy" rating and issued a $25.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Stephens started 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 on the stock. JMP Securities restated a "market outperform" rating and set a $26.00 price objective on shares of Pagaya Technologies in a research report on Tuesday. Finally, B. Riley restated a "buy" rating and set a $36.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.50.

Pagaya Technologies Price Performance

The company has a fifty day simple moving average of $15.14 and a two-hundred day simple moving average of $12.15. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of -4.18 and a beta of 5.93. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.79 and a current ratio of 1.79.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, CTO Avital Pardo sold 54,254 shares of Pagaya Technologies stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $20.24, for a total value of $1,098,100.96. Following the transaction, the chief technology officer now owns 1,042,950 shares in the company, valued at $21,109,308. The trade was a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Sanjiv Das sold 12,789 shares of the business's stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $9.35, for a total transaction of $119,577.15. Following the sale, the president now directly owns 105,817 shares in the company, valued at $989,388.95. The trade was a 10.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,299,465 shares of company stock valued at $23,090,070 in the last ninety days. 47.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of large investors have recently modified their holdings of the company. Rhumbline Advisers boosted its stake in Pagaya Technologies by 14.7% during the 4th quarter. Rhumbline Advisers now owns 75,620 shares of the company's stock valued at $703,000 after purchasing an additional 9,674 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Pagaya Technologies by 80.7% in the fourth quarter. IFP Advisors Inc now owns 13,265 shares of the company's stock valued at $123,000 after purchasing an additional 5,925 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Pagaya Technologies by 10.9% during the fourth quarter. Arizona State Retirement System now owns 11,154 shares of the company's stock valued at $104,000 after buying an additional 1,092 shares during the last quarter. Swiss National Bank boosted its holdings in Pagaya Technologies by 8.9% during the 4th quarter. Swiss National Bank now owns 75,583 shares of the company's stock worth $702,000 after acquiring an additional 6,200 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in shares of Pagaya Technologies by 21.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 22,828 shares of the company's stock valued at $212,000 after purchasing an additional 3,965 shares in the last quarter. 57.14% of the stock is currently 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.

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