Investors Buy Large Volume of Pagaya Technologies Call Options (NASDAQ:PGY)

Pagaya Technologies Ltd. (NASDAQ:PGY) was the recipient of unusually large options trading on Monday. Stock traders bought 5,820 call options on the stock. This represents an increase of approximately 31% compared to the average volume of 4,451 call options.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PGY shares. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Zacks Research cut shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. B. Riley Financial raised their price target on shares of Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Friday. Canaccord Genuity Group boosted their price objective on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday. Finally, Texas Capital raised shares of Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $32.43.

Pagaya Technologies Stock Up 11.4%

PGY traded up $2.19 during midday trading on Monday, reaching $21.46. The company’s stock had a trading volume of 2,868,349 shares, compared to its average volume of 3,828,748. Pagaya Technologies has a 1 year low of $10.40 and a 1 year high of $44.99. The stock’s 50-day moving average is $16.23 and its 200-day moving average is $14.95. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 15.78 and a beta of 5.33. The company has a current ratio of 11.08, a quick ratio of 11.08 and a debt-to-equity ratio of 1.12.

Pagaya Technologies (NASDAQ:PGY) last released its earnings results on Thursday, May 7th. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.53. Pagaya Technologies had a net margin of 9.12% and a return on equity of 51.56%. The firm had revenue of $317.94 million during the quarter, compared to analyst estimates of $323.85 million. During the same period last year, the business earned $0.10 earnings per share. The business’s revenue was up 9.7% on a year-over-year basis. As a group, research analysts expect that Pagaya Technologies will post 2.92 EPS for the current year.

Insider Buying and Selling

In other news, President Sanjiv Das sold 14,000 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $15.83, for a total value of $221,620.00. Following the completion of the sale, the president owned 165,475 shares of the company’s stock, valued at approximately $2,619,469.25. The trade was a 7.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gal Krubiner bought 16,230 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were bought at an average price of $15.43 per share, with a total value of $250,428.90. Following the completion of the acquisition, the chief executive officer directly owned 555,906 shares in the company, valued at $8,577,629.58. This trade represents a 3.01% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 58,090 shares of company stock worth $923,764 in the last 90 days. 41.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets increased its stake in Pagaya Technologies by 1,231.6% during 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 in the last quarter. Millennium Management LLC raised its holdings in Pagaya Technologies by 320.1% in the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock worth $13,230,000 after buying an additional 961,944 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Pagaya Technologies by 221.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,379,550 shares of the company’s stock worth $28,833,000 after buying an additional 950,443 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Pagaya Technologies by 1,556.3% in the third quarter. Marshall Wace LLP now owns 672,008 shares of the company’s stock worth $19,952,000 after buying an additional 631,435 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Pagaya Technologies by 141.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company’s stock worth $12,040,000 after buying an additional 602,992 shares in the last quarter. Hedge funds and other institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.