Pagaya Technologies (NASDAQ:PGY) Sets New 1-Year High – Still a Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares reached a new 52-week high on Thursday . The company traded as high as $20.60 and last traded at $19.18, with a volume of 2020317 shares changing hands. The stock had previously closed at $19.96.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PGY. B. Riley reaffirmed a “buy” rating and set a $36.00 price objective on shares of Pagaya Technologies in a research report on Monday, March 17th. JMP Securities restated a “market outperform” rating and set a $26.00 target price on shares of Pagaya Technologies in a research note on Tuesday. Stephens started coverage on shares of Pagaya Technologies in a research note on Thursday, June 12th. They issued an “overweight” rating and a $22.00 price target on the stock. Finally, Benchmark reissued a “buy” rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pagaya Technologies presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Pagaya Technologies Stock Down 3.9%

The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.82. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -3.78 and a beta of 5.93. The firm’s 50 day simple moving average is $14.94 and its two-hundred day simple moving average is $12.09.

Insider Activity

In related news, CTO Avital Pardo sold 239,989 shares of the company’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total transaction of $4,715,783.85. Following the completion of the sale, the chief technology officer now owns 802,961 shares of the company’s stock, valued at $15,778,183.65. This represents a 23.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Yahav Yulzari sold 238,004 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $15.16, for a total transaction of $3,608,140.64. Following the sale, the insider now owns 4,346,141 shares in the company, valued at $65,887,497.56. The trade was a 5.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,299,465 shares of company stock worth $23,090,070. Corporate insiders own 47.59% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Virtus Advisers LLC acquired a new stake in shares of Pagaya Technologies during the 1st quarter worth approximately $35,000. GAMMA Investing LLC lifted its stake in Pagaya Technologies by 5,431.3% during the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company’s stock worth $46,000 after purchasing an additional 4,345 shares during the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in Pagaya Technologies during the fourth quarter worth $43,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Pagaya Technologies in the 4th quarter valued at $67,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Pagaya Technologies in the 4th quarter valued at $93,000. 57.14% of the stock is currently 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.