Pagaya Technologies Sees Unusually High Options Volume (NASDAQ:PGY)

Pagaya Technologies Ltd. (NASDAQ:PGY) saw some unusual options trading on Tuesday. Investors purchased 9,645 call options on the company. This is an increase of approximately 95% compared to the typical daily volume of 4,956 call options.

Insider Transactions at Pagaya Technologies

In other news, insider Tami Rosen sold 13,870 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $41.20, for a total transaction of $571,444.00. Following the completion of the transaction, the insider directly owned 43,207 shares in the company, valued at $1,780,128.40. This trade represents a 24.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Sanjiv Das sold 13,304 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $40.62, for a total value of $540,408.48. Following the transaction, the president directly owned 96,885 shares in the company, valued at approximately $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 97,565 shares of company stock valued at $3,372,080 over the last three months. 47.59% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds have recently added to or reduced their stakes in PGY. Goldman Sachs Group Inc. raised its holdings 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 worth $17,871,000 after purchasing an additional 359,099 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Pagaya Technologies by 436.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company’s stock valued at $29,534,000 after purchasing an additional 1,127,242 shares during the last quarter. Millennium Management LLC boosted its position 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 during the period. BNP Paribas Financial Markets boosted its position in shares of Pagaya Technologies by 1,231.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company’s stock valued at $25,591,000 after purchasing an additional 1,110,208 shares during the period. Finally, Cubist Systematic Strategies LLC grew its stake in Pagaya Technologies by 40.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 731,454 shares of the company’s stock worth $15,595,000 after buying an additional 209,733 shares during the last quarter. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PGY shares. B. Riley increased their target price on shares of Pagaya Technologies from $46.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, August 11th. Keefe, Bruyette & Woods increased their price objective on Pagaya Technologies from $27.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Oppenheimer lifted their target price on Pagaya Technologies from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. Canaccord Genuity Group upped their price target on Pagaya Technologies from $28.00 to $36.00 and gave the stock a “buy” rating in a report on Monday, August 11th. Finally, Stephens started coverage on Pagaya Technologies in a research report on Thursday, June 12th. They issued an “overweight” rating and a $22.00 price target on the stock. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.33.

Pagaya Technologies Trading Down 6.5%

NASDAQ:PGY opened at $29.69 on Wednesday. Pagaya Technologies has a 1 year low of $8.20 and a 1 year high of $44.99. The stock has a market cap of $2.27 billion, a P/E ratio of -7.75 and a beta of 5.96. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a 50-day simple moving average of $34.57 and a 200-day simple moving average of $22.20.

Pagaya Technologies Company Profile

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.