Pagaya Technologies (NASDAQ:PGY) Reaches New 1-Year High Following Analyst Upgrade

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) hit a new 52-week high during mid-day trading on Monday after Citigroup raised their price target on the stock from $16.50 to $40.00. Citigroup currently has a buy rating on the stock. Pagaya Technologies traded as high as $34.06 and last traded at $33.77, with a volume of 2077936 shares. The stock had previously closed at $31.12.

Other research analysts have also recently issued research reports about the company. Wall Street Zen upgraded Pagaya Technologies from a “hold” rating to a “buy” rating in a research note on Friday. Keefe, Bruyette & Woods boosted their price target on Pagaya Technologies from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 9th. JMP Securities reiterated a “market outperform” rating and issued a $26.00 price target on shares of Pagaya Technologies in a research note on Tuesday, June 24th. Oppenheimer boosted their price target on Pagaya Technologies from $16.00 to $25.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 2nd. Finally, Stephens assumed coverage on Pagaya Technologies in a research note on Thursday, June 12th. They set an “overweight” rating and a $22.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Pagaya Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $26.70.

Insider Buying and Selling

In other Pagaya Technologies news, CTO Avital Pardo sold 239,989 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $19.65, for a total value of $4,715,783.85. Following the completion of the sale, the chief technology officer owned 802,961 shares in the company, valued at approximately $15,778,183.65. This trade represents a 23.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Sanjiv Das sold 31,382 shares of the firm’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $17.15, for a total value of $538,201.30. Following the transaction, the president owned 74,435 shares of the company’s stock, valued at $1,276,560.25. This trade represents a 29.66% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,353,907 shares of company stock worth $24,585,322. Insiders own 47.59% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB bought a new position in Pagaya Technologies during the 2nd quarter worth $25,000. Virtus Advisers LLC acquired a new stake in shares of Pagaya Technologies in the 1st quarter valued at about $35,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Pagaya Technologies in the 4th quarter valued at about $43,000. GAMMA Investing LLC grew its stake in shares of Pagaya Technologies by 5,431.3% in the 1st quarter. GAMMA Investing LLC now owns 4,425 shares of the company’s stock valued at $46,000 after buying an additional 4,345 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Pagaya Technologies in the 4th quarter valued at about $67,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Price Performance

The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -6.18 and a beta of 5.93. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.79 and a current ratio of 1.79. The business has a 50 day simple moving average of $19.10 and a 200-day simple moving average of $13.77.

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.