Pagaya Technologies (NASDAQ:PGY) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Pagaya Technologies (NASDAQ:PGY) had its price target hoisted by investment analysts at Canaccord Genuity Group from $36.00 to $39.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 37.75% from the company’s current price.

A number of other analysts also recently issued reports on PGY. JMP Securities raised their target price on Pagaya Technologies from $26.00 to $35.00 and gave the stock a “market outperform” rating in a research report on Monday, August 11th. Benchmark restated a “buy” rating and issued a $48.00 price objective on shares of Pagaya Technologies in a research note on Wednesday, October 1st. B. Riley upped their price objective on shares of Pagaya Technologies from $46.00 to $54.00 and gave the company a “buy” rating in a report on Monday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Pagaya Technologies in a research report on Tuesday, October 14th. Finally, Wall Street Zen lowered shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 30th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Pagaya Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $34.67.

Pagaya Technologies Stock Performance

Shares of PGY stock traded up $0.73 during trading hours on Tuesday, hitting $28.31. 4,004,496 shares of the company were exchanged, compared to its average volume of 3,157,279. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of -7.34 and a beta of 5.83. The firm has a fifty day simple moving average of $32.16 and a 200 day simple moving average of $26.01. Pagaya Technologies has a 52-week low of $8.20 and a 52-week high of $44.99.

Insider Buying and Selling

In other news, President Sanjiv Das sold 13,304 shares of Pagaya Technologies stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $40.62, for a total transaction of $540,408.48. Following the completion of the sale, the president owned 96,885 shares in the company, valued at approximately $3,935,468.70. This trade represents a 12.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Tami Rosen sold 15,026 shares of the business’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $30.73, for a total value of $461,748.98. Following the transaction, the insider directly owned 28,181 shares of the company’s stock, valued at $866,002.13. The trade was a 34.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 95,081 shares of company stock worth $3,475,010 over the last ninety days. 47.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds have recently bought and sold shares of the stock. Counterpoint Mutual Funds LLC purchased a new position in shares of Pagaya Technologies in the 2nd quarter worth about $857,000. Invesco Ltd. raised its holdings in shares of Pagaya Technologies by 20.5% during the 1st quarter. Invesco Ltd. now owns 57,875 shares of the company’s stock valued at $607,000 after buying an additional 9,845 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Pagaya Technologies by 446.1% in the 1st quarter. Bank of New York Mellon Corp now owns 482,018 shares of the company’s stock worth $5,052,000 after buying an additional 393,752 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Pagaya Technologies in the 2nd quarter worth approximately $1,699,000. Finally, ARK Investment Management LLC purchased a new stake in Pagaya Technologies in the first quarter worth approximately $2,296,000. 57.14% of the stock is currently owned by institutional investors.

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.