Stock Traders Purchase High Volume of Call Options on Pagaya Technologies (NASDAQ:PGY)

Key Points

• Pagaya Technologies (NASDAQ: PGY) experienced a surge in call options trading, with investors acquiring 9,645 call options, a 95% increase from the average daily volume.
• Various analysts have adjusted their price targets for Pagaya Technologies, with Canaccord Genuity raising their target from $28.00 to $36.00 and Benchmark from $42.00 to $48.00, indicating strong bullish sentiment.
• The stock price of Pagaya Technologies fell 7.9% during trading, reaching $29.25 despite having a market capitalization of $2.24 billion.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) was the target of unusually large options trading on Tuesday. Stock investors acquired 9,645 call options on the company. This is an increase of approximately 95% compared to the average daily volume of 4,956 call options.

Analysts Set New Price Targets

PGY has been the subject of a number of research analyst reports. Canaccord Genuity Group raised their price objective on Pagaya Technologies from $28.00 to $36.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Benchmark raised their target price on shares of Pagaya Technologies from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday, August 8th. Stephens assumed coverage on shares of Pagaya Technologies in a research note on Thursday, June 12th. They issued an "overweight" rating and a $22.00 price objective for the company. B. Riley lifted their price objective on shares of Pagaya Technologies from $46.00 to $54.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Finally, JMP Securities lifted their price objective on shares of Pagaya Technologies from $26.00 to $35.00 and gave the stock a "market outperform" rating in a research note on Monday, August 11th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, CFO Evangelos Perros sold 11,553 shares of the company's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $40.62, for a total transaction of $469,282.86. Following the completion of the sale, the chief financial officer directly owned 68,151 shares of the company's stock, valued at approximately $2,768,293.62. This represents a 14.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Sanjiv Das sold 13,304 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $40.62, for a total value of $540,408.48. Following the completion of the sale, the president owned 96,885 shares of the company's stock, valued at $3,935,468.70. The trade was a 12.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,104 shares of company stock valued at $3,767,935 in the last quarter. 47.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its position in shares of 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 acquiring an additional 520 shares during the period. Nisa Investment Advisors LLC grew its stake in Pagaya Technologies by 8.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,676 shares of the company's stock valued at $142,000 after acquiring an additional 526 shares during the period. Fox Run Management L.L.C. increased its holdings in Pagaya Technologies by 1.9% in the 2nd quarter. Fox Run Management L.L.C. now owns 50,587 shares of the company's stock worth $1,079,000 after acquiring an additional 919 shares in the last quarter. GAMMA Investing LLC increased its holdings in Pagaya Technologies by 21.2% in the 2nd quarter. GAMMA Investing LLC now owns 5,363 shares of the company's stock worth $114,000 after acquiring an additional 938 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Pagaya Technologies by 9.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,361 shares of the company's stock worth $130,000 after acquiring an additional 1,094 shares in the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Stock Down 7.9%

PGY stock traded down $2.51 during trading on Tuesday, reaching $29.25. 3,861,176 shares of the company traded hands, compared to its average volume of 2,826,711. The business has a 50 day simple moving average of $34.61 and a 200 day simple moving average of $22.15. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.42 and a current ratio of 1.42. Pagaya Technologies has a 12 month low of $8.20 and a 12 month high of $44.99. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of -7.62 and a beta of 5.96.

About Pagaya Technologies

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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