Pagaya Technologies (NASDAQ:PGY) Shares Up 8.1% - Still a Buy?

Key Points

• Pagaya Technologies shares jumped 8.1% to $21.58, although trading volume was 67% below the average session volume.
• Analyst sentiment remains positive: the stock has an average “Buy” rating and a consensus price target of $31.25, with recent targets ranging from $25 to $36.
• Insiders own approximately 42% of the company, while institutional investors own 57.14%; the CEO recently bought shares, but insiders collectively sold 76,137 shares over the past 90 days.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s share price rose 8.1% during trading on Monday . The company traded as high as $21.74 and last traded at $21.58. 1,174,893 shares were traded during trading, a decline of 67% from the average session volume of 3,588,962 shares. The stock had previously closed at $19.97.

Analysts Set New Price Targets

Several brokerages recently commented on PGY. Jefferies Financial Group increased their price target on Pagaya Technologies from $23.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, August 18th. Weiss Ratings raised shares of Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, June 18th. TD Cowen initiated coverage on shares of Pagaya Technologies in a research report on Thursday, September 3rd. They set a "buy" rating and a $26.00 price target on the stock. B. Riley Financial lifted their price objective 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. Finally, Citizens Jmp upped their target price on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a "market outperform" rating in a report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $31.25.

Pagaya Technologies Stock Up 7.4%

The firm has a market cap of $1.79 billion, a P/E ratio of 15.77 and a beta of 5.35. The firm's fifty day moving average is $19.93 and its 200 day moving average is $15.75. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08.

Insider Buying and Selling

In other news, CEO Gal Krubiner purchased 16,230 shares of Pagaya Technologies stock in a transaction that occurred on Wednesday, June 24th. The stock was acquired at an average cost of $15.43 per share, for a total transaction of $250,428.90. Following the purchase, the chief executive officer directly owned 555,906 shares of the company's stock, valued at $8,577,629.58. This trade represents a 3.01% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Sanjiv Das sold 21,289 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $22.00, for a total value of $468,358.00. Following the completion of the transaction, the president directly owned 144,186 shares in the company, valued at approximately $3,172,092. This represents a 12.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 76,137 shares of company stock valued at $1,512,809. Insiders own 41.99% of the company's stock.

Institutional Trading of Pagaya Technologies

Institutional investors have recently bought and sold shares of the business. Root Financial Partners LLC bought a new position in shares of Pagaya Technologies in the fourth quarter worth $27,000. Aster Capital Management DIFC Ltd grew its stake in Pagaya Technologies by 351.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company's stock worth $29,000 after buying an additional 1,084 shares in the last quarter. Transamerica Financial Advisors LLC bought a new position in Pagaya Technologies in the 4th quarter valued at about $30,000. Quarry LP increased its holdings in Pagaya Technologies by 330.8% in the 4th quarter. Quarry LP now owns 1,663 shares of the company's stock valued at $35,000 after buying an additional 1,277 shares during the period. Finally, First Bancorp Inc ME acquired a new position in shares of Pagaya Technologies in the 2nd quarter valued at approximately $36,000. Institutional investors own 57.14% of the company's stock.

About Pagaya Technologies

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company's Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.