Pagaya Technologies (NASDAQ:PGY) Trading Up 7.3% - Here's What Happened

Key Points

• Pagaya Technologies shares jumped 7.3% to $21.72, with roughly 996,000 shares traded—well below the stock’s average daily volume.
• Analyst sentiment remains positive: Jefferies and Canaccord raised their price targets to $27 and $36, respectively, while the stock has an average rating of “Buy” and a consensus target of $32.
• Insiders sold 107,560 shares worth about $2.01 million over the past quarter, while hedge funds and institutional investors own approximately 57.14% of the company.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price rose 7.3% during trading on Friday . The stock traded as high as $21.77 and last traded at $21.72. Approximately 995,573 shares traded hands during trading, a decline of 73% from the average daily volume of 3,730,446 shares. The stock had previously closed at $20.24.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Jefferies Financial Group increased their target price on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday. Zacks Research upgraded shares of Pagaya Technologies from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Canaccord Genuity Group boosted their price target on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Weiss Ratings raised shares of Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, June 18th. Finally, Texas Capital upgraded Pagaya Technologies to a "strong-buy" rating in a research report on Wednesday, June 10th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $32.00.

Pagaya Technologies Stock Up 7.0%

The company has a debt-to-equity ratio of 1.12, a current ratio of 11.08 and a quick ratio of 11.08. The company has a fifty day moving average price of $18.09 and a 200 day moving average price of $14.90. The company has a market cap of $1.81 billion, a PE ratio of 15.93 and a beta of 5.33.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 21,289 shares of Pagaya Technologies stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $22.00, for a total transaction of $468,358.00. Following the completion of the sale, the president directly owned 144,186 shares in the company, valued at $3,172,092. The trade was a 12.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Evangelos Perros sold 11,558 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $16.23, for a total transaction of $187,586.34. Following the completion of the transaction, the insider directly owned 131,241 shares of the company's stock, valued at approximately $2,130,041.43. This represents a 8.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 107,560 shares of company stock valued at $2,011,541 over the last quarter. Company insiders own 41.99% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Root Financial Partners LLC purchased a new stake in Pagaya Technologies during the fourth quarter valued at about $27,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of Pagaya Technologies by 351.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company's stock worth $29,000 after purchasing an additional 1,084 shares in the last quarter. Transamerica Financial Advisors LLC bought a new position in shares of Pagaya Technologies during the 4th quarter valued at about $30,000. Quarry LP increased its position in shares of Pagaya Technologies by 330.8% during the 4th quarter. Quarry LP now owns 1,663 shares of the company's stock valued at $35,000 after purchasing an additional 1,277 shares during the last quarter. Finally, First Bancorp Inc ME bought a new position in shares of Pagaya Technologies during the 2nd quarter valued at about $36,000. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

Pagaya Technologies Company Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.

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