Pagaya Technologies (NASDAQ:PGY) Receives “Buy” Rating from Benchmark

Benchmark reissued their buy rating on shares of Pagaya Technologies (NASDAQ:PGY) in a research note published on Wednesday morning,Benzinga reports. They currently have a $48.00 price objective on the stock.

A number of other research firms also recently issued reports on PGY. Oppenheimer boosted their target price on shares of Pagaya Technologies from $16.00 to $25.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. Wall Street Zen downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 30th. Stephens began coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They issued an “overweight” rating and a $22.00 target price for the company. Citigroup boosted their target price on shares of Pagaya Technologies from $16.50 to $40.00 and gave the company a “buy” rating in a report on Monday, July 21st. Finally, Canaccord Genuity Group boosted their target price on shares of Pagaya Technologies from $28.00 to $36.00 and gave the company a “buy” rating in a report on Monday, August 11th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.33.

Pagaya Technologies Stock Performance

NASDAQ:PGY opened at $29.91 on Wednesday. The firm has a 50 day simple moving average of $34.50 and a 200-day simple moving average of $22.26. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a market cap of $2.29 billion, a PE ratio of -7.81 and a beta of 5.86. Pagaya Technologies has a 1-year low of $8.20 and a 1-year high of $44.99.

Insider Activity at Pagaya Technologies

In related news, President Sanjiv Das sold 13,304 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $40.62, for a total value of $540,408.48. Following the sale, the president directly owned 96,885 shares of the company’s stock, valued at $3,935,468.70. This represents a 12.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Evangelos Perros sold 11,553 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $40.62, for a total transaction of $469,282.86. Following the completion of the sale, the chief financial officer directly owned 68,151 shares in the company, valued at $2,768,293.62. This represents a 14.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 83,744 shares of company stock valued at $3,070,091. Insiders own 47.59% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PGY. Bank of America Corp DE raised its holdings in shares of Pagaya Technologies by 9.7% during the fourth quarter. Bank of America Corp DE now owns 144,097 shares of the company’s stock worth $1,339,000 after purchasing an additional 12,760 shares during the period. ProShare Advisors LLC bought a new position in Pagaya Technologies in the 4th quarter valued at about $94,000. Wealth Enhancement Advisory Services LLC bought a new position in Pagaya Technologies in the 4th quarter valued at about $105,000. California State Teachers Retirement System grew its position in Pagaya Technologies by 5.4% in the 4th quarter. California State Teachers Retirement System now owns 35,771 shares of the company’s stock valued at $332,000 after buying an additional 1,848 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Pagaya Technologies by 57,867.5% in the 1st quarter. GAMMA Investing LLC now owns 46,374 shares of the company’s stock valued at $4,425,000 after buying an additional 46,294 shares in the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

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.