Pagaya Technologies (NASDAQ:PGY) Coverage Initiated by Analysts at Stephens

Stephens initiated coverage on shares of Pagaya Technologies (NASDAQ:PGY) in a research report released on Thursday morning, Marketbeat reports. The firm issued an overweight rating and a $22.00 price objective on the stock.

Other equities research analysts have also recently issued research reports about the stock. JMP Securities upped their price objective on shares of Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. B. Riley restated a “buy” rating and issued a $36.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a research note on Thursday, February 13th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.75.

Pagaya Technologies Price Performance

Shares of PGY opened at $18.46 on Thursday. The stock has a market cap of $1.40 billion, a PE ratio of -3.36 and a beta of 5.93. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17. Pagaya Technologies has a fifty-two week low of $8.20 and a fifty-two week high of $19.20. The firm’s 50-day simple moving average is $13.27 and its two-hundred day simple moving average is $11.57.

Insider Activity

In related news, insider Tami Rosen sold 13,814 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $17.68, for a total transaction of $244,231.52. Following the transaction, the insider now owns 38,181 shares in the company, valued at $675,040.08. This represents a 26.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Yahav Yulzari sold 238,004 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $15.16, for a total transaction of $3,608,140.64. Following the transaction, the insider now owns 4,346,141 shares in the company, valued at approximately $65,887,497.56. This trade represents a 5.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 533,737 shares of company stock worth $8,114,410 over the last 90 days. 47.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its position in Pagaya Technologies by 26.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock valued at $17,871,000 after purchasing an additional 359,099 shares during the period. Millennium Management LLC raised its position in Pagaya Technologies by 320.1% in the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock worth $13,230,000 after acquiring an additional 961,944 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Pagaya Technologies by 11.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company’s stock worth $653,000 after acquiring an additional 6,365 shares during the period. AQR Capital Management LLC raised its position in Pagaya Technologies by 2,722.3% in the first quarter. AQR Capital Management LLC now owns 305,710 shares of the company’s stock worth $3,204,000 after acquiring an additional 294,878 shares during the period. Finally, PDT Partners LLC raised its position in Pagaya Technologies by 506.2% in the first quarter. PDT Partners LLC now owns 218,168 shares of the company’s stock worth $2,286,000 after acquiring an additional 182,177 shares during the period. Institutional investors own 57.14% of the company’s stock.

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.