Pagaya Technologies (NASDAQ:PGY) Trading 7.4% Higher – Here’s What Happened

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) rose 7.4% on Friday . The stock traded as high as $9.92 and last traded at $9.84. Approximately 1,108,320 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 1,456,806 shares. The stock had previously closed at $9.16.

Wall Street Analyst Weigh In

PGY has been the subject of several research reports. UBS Group initiated coverage on Pagaya Technologies in a report on Friday, December 20th. They issued a “neutral” rating and a $11.00 target price for the company. Oppenheimer initiated coverage on Pagaya Technologies in a research report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price objective on the stock. B. Riley lowered their price target on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a report on Monday, September 30th. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Pagaya Technologies in a research note on Wednesday, October 16th. Finally, Canaccord Genuity Group reduced their price objective on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Pagaya Technologies Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The firm has a 50-day moving average of $9.55 and a two-hundred day moving average of $11.45. The company has a market capitalization of $711.56 million, a PE ratio of -3.80 and a beta of 6.12.

Insider Buying and Selling at Pagaya Technologies

In other news, insider Tami Rosen sold 21,547 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $214,823.59. Following the sale, the insider now directly owns 73,550 shares of the company’s stock, valued at $733,293.50. The trade was a 22.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Sanjiv Das sold 6,343 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $63,239.71. Following the completion of the sale, the president now directly owns 75,528 shares in the company, valued at $753,014.16. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 231,706 shares of company stock valued at $3,183,722. Company insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. boosted its stake in Pagaya Technologies by 4,374.9% during the third quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock worth $3,296,000 after buying an additional 304,890 shares during the last quarter. Arizona PSPRS Trust acquired a new position in Pagaya Technologies during the third quarter worth $2,183,000. Millennium Management LLC boosted its stake in Pagaya Technologies by 455.9% during the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after buying an additional 179,235 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Pagaya Technologies by 502.5% during the third quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company’s stock worth $1,610,000 after buying an additional 127,012 shares during the last quarter. Finally, State Street Corp boosted its stake in Pagaya Technologies by 14.6% during the third quarter. State Street Corp now owns 763,823 shares of the company’s stock worth $8,074,000 after buying an additional 97,135 shares during the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

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.