Pagaya Technologies (NASDAQ:PGY) Stock Price Up 7.3% Following Analyst Upgrade

Pagaya Technologies Ltd. (NASDAQ:PGY) shares rose 7.3% on Friday after Benchmark raised their price target on the stock from $25.00 to $42.00. Benchmark currently has a buy rating on the stock. Pagaya Technologies traded as high as $31.95 and last traded at $31.65. Approximately 1,296,001 shares traded hands during trading, a decline of 38% from the average daily volume of 2,091,921 shares. The stock had previously closed at $29.50.

Several other equities research analysts have also recently commented on the company. Wall Street Zen cut Pagaya Technologies from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Stephens initiated coverage on Pagaya Technologies in a report on Thursday, June 12th. They set an “overweight” rating and a $22.00 target price on the stock. Oppenheimer boosted their target price on Pagaya Technologies from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 2nd. JMP Securities restated a “market outperform” rating and issued a $26.00 price target on shares of Pagaya Technologies in a research report on Tuesday, June 24th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 9th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $24.15.

Insider Buying and Selling at Pagaya Technologies

In other news, President Sanjiv Das sold 12,742 shares of Pagaya Technologies stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $25.95, for a total value of $330,654.90. Following the completion of the transaction, the president owned 98,562 shares of the company’s stock, valued at $2,557,683.90. This trade represents a 11.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Yahav Yulzari sold 52,867 shares of Pagaya Technologies stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $20.24, for a total transaction of $1,070,028.08. Following the completion of the transaction, the insider directly owned 4,087,724 shares of the company’s stock, valued at approximately $82,735,533.76. This trade represents a 1.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,345,423 shares of company stock valued at $24,329,530 over the last quarter. 47.59% of the stock is currently owned by corporate insiders.

Institutional Trading of Pagaya Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Frontier Capital Management Co. LLC acquired a new stake in Pagaya Technologies in the 4th quarter worth about $28,070,000. Millennium Management LLC raised its stake in Pagaya Technologies by 320.1% in the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock worth $13,230,000 after purchasing an additional 961,944 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Pagaya Technologies by 284.3% in the 4th quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company’s stock worth $11,133,000 after purchasing an additional 886,539 shares in the last quarter. Two Sigma Investments LP raised its stake in Pagaya Technologies by 359.6% in the 4th quarter. Two Sigma Investments LP now owns 826,119 shares of the company’s stock worth $7,675,000 after purchasing an additional 646,357 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of Pagaya Technologies in the 1st quarter valued at approximately $6,465,000. Institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Stock Up 5.9%

The firm’s 50-day moving average price is $18.77 and its 200 day moving average price is $13.56. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -6.22 and a beta of 5.93. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.82.

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.