Pagaya Technologies (NASDAQ:PGY) Sees Large Volume Increase

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) saw strong trading volume on Friday . 2,480,047 shares traded hands during mid-day trading, an increase of 106% from the previous session’s volume of 1,206,466 shares.The stock last traded at $10.40 and had previously closed at $9.65.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Tuesday, September 3rd. Benchmark started coverage on Pagaya Technologies in a research report on Monday, August 26th. They set a “buy” rating and a $21.00 price objective for the company. Keefe, Bruyette & Woods started coverage on Pagaya Technologies in a research report on Monday, June 17th. They set an “outperform” rating and a $23.00 price objective for the company. Canaccord Genuity Group restated a “buy” rating and set a $42.00 price objective on shares of Pagaya Technologies in a research report on Monday, August 12th. Finally, Wedbush restated a “neutral” rating and set a $13.00 price objective on shares of Pagaya Technologies in a research report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Pagaya Technologies Stock Up 3.2 %

The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72. The stock has a 50-day simple moving average of $13.08 and a 200-day simple moving average of $12.11. The company has a market cap of $706.16 million, a price-to-earnings ratio of -7.06 and a beta of 6.41.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) 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 business had revenue of $250.34 million for the quarter, compared to analyst estimates of $239.16 million. As a group, analysts predict that Pagaya Technologies Ltd. will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other Pagaya Technologies news, President Sanjiv Das sold 10,794 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $14.57, for a total transaction of $157,268.58. Following the completion of the transaction, the president now owns 66,232 shares in the company, valued at approximately $965,000.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, President Sanjiv Das sold 10,794 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $14.57, for a total value of $157,268.58. Following the completion of the sale, the president now owns 66,232 shares in the company, valued at $965,000.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Yahav Yulzari sold 11,662 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $15.78, for a total value of $184,026.36. Following the completion of the sale, the executive now owns 288,037 shares of the company’s stock, valued at approximately $4,545,223.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,203 shares of company stock worth $995,963. 19.70% of the stock is owned by company insiders.

Institutional Trading of Pagaya Technologies

Institutional investors have recently modified their holdings of the company. Quadrature Capital Ltd acquired a new stake in shares of Pagaya Technologies in the fourth quarter valued at $1,079,000. Swiss National Bank acquired a new stake in shares of Pagaya Technologies during the fourth quarter worth $658,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Pagaya Technologies during the first quarter worth $12,686,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Pagaya Technologies by 14.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 675,064 shares of the company’s stock worth $6,818,000 after purchasing an additional 83,913 shares during the period. Finally, ARK Investment Management LLC raised its position in shares of Pagaya Technologies by 36.2% during the second quarter. ARK Investment Management LLC now owns 221,810 shares of the company’s stock worth $2,830,000 after purchasing an additional 58,939 shares during the period. Institutional investors and hedge funds own 57.14% of the company’s stock.

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.