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

Key Points

• Unusual options activity was seen in Pagaya Technologies, with traders buying 6,711 call options on Tuesday, about 40% above the stock’s average daily call volume.
• Insiders sold shares recently, including President Sanjiv Das and Director Tami Rosen, while total insider selling over the past 90 days reached 80,814 shares worth about $1.2 million.
• Wall Street remains broadly bullish on PGY, with a consensus Buy rating and an average price target of $34.50, despite the stock trading around $18.41 on Tuesday.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) was the recipient of some unusual options trading on Tuesday. Investors acquired 6,711 call options on the stock. This represents an increase of approximately 40% compared to the average daily volume of 4,780 call options.

Insider Activity

In other news, President Sanjiv Das sold 14,000 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $15.83, for a total value of $221,620.00. Following the completion of the sale, the president directly owned 165,475 shares of the company's stock, valued at approximately $2,619,469.25. This represents a 7.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Tami Rosen sold 9,944 shares of the firm's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $15.20, for a total transaction of $151,148.80. Following the completion of the sale, the director owned 37,544 shares in the company, valued at approximately $570,668.80. The trade was a 20.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 80,814 shares of company stock worth $1,218,391 over the last 90 days. Company insiders own 47.59% of the company's stock.

Institutional Trading of Pagaya Technologies

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its stake in Pagaya Technologies by 1,231.6% during the second quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company's stock worth $25,591,000 after acquiring an additional 1,110,208 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Pagaya Technologies by 320.1% in the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock valued at $13,230,000 after purchasing an additional 961,944 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Pagaya Technologies by 221.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,379,550 shares of the company's stock worth $28,833,000 after purchasing an additional 950,443 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Pagaya Technologies by 1,556.3% in the 3rd quarter. Marshall Wace LLP now owns 672,008 shares of the company's stock worth $19,952,000 after purchasing an additional 631,435 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Pagaya Technologies by 141.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company's stock worth $12,040,000 after purchasing an additional 602,992 shares in the last quarter. Institutional investors and hedge funds own 57.14% of the company's stock.

Pagaya Technologies Price Performance

Shares of PGY stock traded up $1.78 during mid-day trading on Tuesday, reaching $18.41. The company's stock had a trading volume of 4,826,679 shares, compared to its average volume of 3,934,254. The firm's 50-day moving average is $14.46 and its two-hundred day moving average is $15.87. The company has a market cap of $1.53 billion, a P/E ratio of 17.21 and a beta of 5.35. Pagaya Technologies has a 1-year low of $10.40 and a 1-year high of $44.99. The company has a debt-to-equity ratio of 1.25, a quick ratio of 12.09 and a current ratio of 12.09.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last posted its earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share for the quarter. The business had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. On average, research analysts predict that Pagaya Technologies will post 2.92 earnings per share for the current year.

Analysts Set New Price Targets

PGY has been the topic of several research reports. Canaccord Genuity Group restated a "buy" rating and set a $32.00 price objective on shares of Pagaya Technologies in a report on Monday, May 18th. Texas Capital raised Pagaya Technologies to a "strong-buy" rating in a research report on Wednesday, June 10th. Weiss Ratings upgraded Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, June 18th. Finally, Zacks Research raised Pagaya Technologies from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Pagaya Technologies presently has a consensus rating of "Buy" and an average target price of $34.50.

About Pagaya Technologies

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.

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.