Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – Here’s What Happened

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) gapped up prior to trading on Monday . The stock had previously closed at $10.20, but opened at $10.88. Pagaya Technologies shares last traded at $10.47, with a volume of 1,591,835 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Benchmark reaffirmed a “buy” rating and set a $21.00 target price on shares of Pagaya Technologies in a research note on Wednesday, October 16th. B. Riley decreased their target price on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Oppenheimer began coverage on Pagaya Technologies in a research note on Tuesday, October 1st. They set an “outperform” rating and a $12.00 target price for the company. Finally, Canaccord Genuity Group decreased their target price 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. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Pagaya Technologies has an average rating of “Moderate Buy” and an average target price of $22.11.

Pagaya Technologies Stock Up 1.2 %

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a fifty day moving average price of $10.89 and a two-hundred day moving average price of $12.15. The company has a market cap of $721.09 million, a P/E ratio of -3.81 and a beta of 6.12.

Insider Activity

In related news, insider Yahav Yulzari sold 150,000 shares of Pagaya Technologies stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.50, for a total transaction of $2,325,000.00. Following the sale, the insider now directly owns 161,637 shares in the company, valued at approximately $2,505,373.50. This trade represents a 48.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Tami Rosen sold 17,570 shares of Pagaya Technologies stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.06, for a total value of $211,894.20. Following the sale, the insider now owns 73,516 shares in the company, valued at $886,602.96. This trade represents a 19.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 186,045 shares of company stock worth $2,755,982 over the last 90 days. 49.56% of the stock is currently owned by corporate insiders.

Institutional Trading of Pagaya Technologies

A number of large investors have recently bought and sold shares of the company. Tidal Investments LLC increased its position in Pagaya Technologies by 4.6% in the third quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock worth $437,000 after buying an additional 1,826 shares during the last quarter. Virtu Financial LLC purchased a new stake in Pagaya Technologies in the third quarter worth $223,000. Geode Capital Management LLC increased its position in Pagaya Technologies by 7.8% in the third quarter. Geode Capital Management LLC now owns 596,992 shares of the company’s stock worth $6,310,000 after buying an additional 43,068 shares during the last quarter. State Street Corp grew its position in shares of Pagaya Technologies by 14.6% in the third quarter. State Street Corp now owns 763,823 shares of the company’s stock valued at $8,074,000 after purchasing an additional 97,135 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Pagaya Technologies by 4,374.9% in the third quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after purchasing an additional 304,890 shares in the last quarter. 57.14% of the stock is owned by hedge funds and other institutional investors.

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.