Pagaya Technologies (NASDAQ:PGY) Trading Up 6.2% – Time to Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares rose 6.2% during mid-day trading on Thursday . The stock traded as high as $11.72 and last traded at $11.64. Approximately 337,808 shares were traded during trading, a decline of 73% from the average daily volume of 1,259,002 shares. The stock had previously closed at $10.96.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PGY shares. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Pagaya Technologies in a report on Wednesday, October 16th. JMP Securities restated a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Oppenheimer began coverage on Pagaya Technologies in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 price objective on the stock. Canaccord Genuity Group lowered their target price on Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Finally, Wedbush reissued a “neutral” rating and set a $13.00 price objective on shares of Pagaya Technologies in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Pagaya Technologies currently has an average rating of “Moderate Buy” and an average target price of $22.89.

Pagaya Technologies Stock Up 4.3 %

The firm has a 50-day moving average price of $11.95 and a two-hundred day moving average price of $12.12. The firm has a market cap of $810.39 million, a price-to-earnings ratio of -8.21 and a beta of 6.36. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.11). Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. The company had revenue of $250.34 million for the quarter, compared to analyst estimates of $239.16 million. On average, sell-side analysts forecast that Pagaya Technologies Ltd. will post -0.15 earnings per share for the current year.

Insider Activity at Pagaya Technologies

In other news, CTO Avital Pardo sold 11,601 shares of Pagaya Technologies stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $15.83, for a total transaction of $183,643.83. Following the sale, the chief technology officer now owns 433,125 shares in the company, valued at approximately $6,856,368.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, President Sanjiv Das sold 10,683 shares of Pagaya Technologies stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $11.77, for a total value of $125,738.91. Following the transaction, the president now directly owns 64,794 shares of the company’s stock, valued at $762,625.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Avital Pardo sold 11,601 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $15.83, for a total transaction of $183,643.83. Following the sale, the chief technology officer now owns 433,125 shares of the company’s stock, valued at approximately $6,856,368.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,275 shares of company stock valued at $940,334 over the last ninety days. Insiders own 19.70% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PGY. nVerses Capital LLC acquired a new position in Pagaya Technologies in the 2nd quarter valued at about $74,000. SG Americas Securities LLC purchased a new stake in shares of Pagaya Technologies during the second quarter worth approximately $101,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Pagaya Technologies during the second quarter worth $166,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Pagaya Technologies during the second quarter worth $187,000. Finally, Castle Hook Partners LP purchased a new position in Pagaya Technologies in the 1st quarter valued at $188,000. 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.