Pagaya Technologies (NASDAQ:PGY) Trading Up 7.3% After Analyst Upgrade

Pagaya Technologies Ltd. (NASDAQ:PGY) shares were up 7.3% during mid-day trading on Friday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock traded as high as $31.95 and last traded at $31.65. Approximately 1,296,001 shares traded hands during trading, a decline of 38% from the average daily volume of 2,091,921 shares. The stock had previously closed at $29.50.

A number of other equities research analysts also recently issued reports on PGY. JMP Securities reiterated a “market outperform” rating and set a $26.00 price objective on shares of Pagaya Technologies in a research note on Tuesday, June 24th. Stephens started coverage on shares of Pagaya Technologies in a research note on Thursday, June 12th. They set an “overweight” rating and a $22.00 price objective on the stock. Oppenheimer increased their price target on shares of Pagaya Technologies from $16.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods increased their price target on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Finally, Benchmark increased their price target on shares of Pagaya Technologies from $25.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Pagaya Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.15.

Insider Buying and Selling

In other news, Director Dan Petrozzo sold 8,484 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $30.15, for a total value of $255,792.60. Following the completion of the transaction, the director owned 96,278 shares of the company’s stock, valued at $2,902,781.70. This represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Tami Rosen sold 13,821 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $21.85, for a total transaction of $301,988.85. Following the sale, the insider owned 35,619 shares in the company, valued at approximately $778,275.15. This represents a 27.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,353,907 shares of company stock worth $24,585,322 in the last quarter. Corporate insiders own 47.59% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGY. MassMutual Private Wealth & Trust FSB acquired a new position in Pagaya Technologies during the 2nd quarter worth about $25,000. Virtus Advisers LLC acquired a new position in shares of Pagaya Technologies in the first quarter worth approximately $35,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Pagaya Technologies in the fourth quarter worth approximately $43,000. GAMMA Investing LLC lifted its stake in shares of Pagaya Technologies by 5,431.3% in the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company’s stock worth $46,000 after acquiring an additional 4,345 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Pagaya Technologies in the fourth quarter worth approximately $67,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Pagaya Technologies Stock Performance

The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of -6.14 and a beta of 5.93. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.82. The stock has a 50 day moving average of $19.10 and a 200 day moving average of $13.71.

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.