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

Pagaya Technologies Ltd. (NASDAQ:PGY) gapped up prior to trading on Thursday . The stock had previously closed at $11.78, but opened at $13.60. Pagaya Technologies shares last traded at $13.87, with a volume of 6,675,949 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PGY shares. UBS Group started coverage on shares of Pagaya Technologies in a report on Friday, December 20th. They issued a “neutral” rating and a $11.00 price objective on the stock. JMP Securities lifted their price objective on shares of Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a report on Friday. Canaccord Genuity Group reiterated a “buy” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a report on Thursday. Finally, Citigroup upgraded shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $13.00 to $14.50 in a report on Friday, February 7th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.17.

Pagaya Technologies Price Performance

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The firm’s 50 day moving average is $9.77 and its two-hundred day moving average is $11.13.

Insiders Place Their Bets

In other Pagaya Technologies news, President Sanjiv Das sold 6,343 shares of Pagaya Technologies stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $63,239.71. Following the completion of the transaction, the president now directly owns 75,528 shares of the company’s stock, valued at $753,014.16. The trade was a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tami Rosen sold 35,369 shares of Pagaya Technologies stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $15.00, for a total transaction of $530,535.00. Following the transaction, the insider now directly owns 38,181 shares of the company’s stock, valued at approximately $572,715. This trade represents a 48.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,692 shares of company stock valued at $1,205,379 over the last ninety days. 49.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

A number of institutional investors have recently modified their holdings of PGY. R Squared Ltd bought a new stake in shares of Pagaya Technologies in the fourth quarter valued at about $30,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Pagaya Technologies in the fourth quarter valued at about $43,000. Nisa Investment Advisors LLC bought a new stake in shares of Pagaya Technologies in the fourth quarter valued at about $57,000. KLP Kapitalforvaltning AS bought a new stake in shares of Pagaya Technologies in the fourth quarter valued at about $67,000. Finally, CIBC Private Wealth Group LLC boosted its position in shares of Pagaya Technologies by 15.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company’s stock valued at $101,000 after acquiring an additional 1,532 shares during the period. Institutional investors own 57.14% of the company’s stock.

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.