Pagaya Technologies (NASDAQ:PGY) Trading 5.9% Higher – Time to Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price shot up 5.9% on Tuesday . The stock traded as high as $9.39 and last traded at $9.38. 399,658 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 1,416,346 shares. The stock had previously closed at $8.86.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PGY. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 price objective on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Oppenheimer began coverage on Pagaya Technologies in a report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price target for the company. Canaccord Genuity Group dropped their price target on shares of Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. UBS Group initiated coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective for the company. Finally, Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a research note on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Pagaya Technologies Price Performance

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 business’s 50 day moving average price is $10.69 and its 200 day moving average price is $11.99. The stock has a market capitalization of $707.83 million, a P/E ratio of -3.78 and a beta of 6.11.

Insider Buying and Selling

In other Pagaya Technologies news, insider Yahav Yulzari acquired 23,600 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was purchased at an average price of $10.52 per share, with a total value of $248,272.00. Following the transaction, the insider now directly owns 311,637 shares in the company, valued at approximately $3,278,421.24. The trade was a 8.19 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Sanjiv Das sold 10,683 shares of the firm’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $11.77, for a total value of $125,738.91. Following the completion of the transaction, the president now directly owns 64,794 shares in the company, valued at approximately $762,625.38. This represents a 14.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 186,045 shares of company stock worth $2,755,982. 49.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PGY. nVerses Capital LLC bought a new stake in shares of Pagaya Technologies during the 2nd quarter valued at $74,000. BNP Paribas Financial Markets increased its stake in Pagaya Technologies by 48.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock worth $103,000 after buying an additional 3,181 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Pagaya Technologies during the second quarter valued at about $166,000. The Manufacturers Life Insurance Company lifted its position in shares of Pagaya Technologies by 13.2% in the third quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock valued at $176,000 after acquiring an additional 1,937 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Pagaya Technologies in the third quarter worth about $191,000. 57.14% of the stock is owned by hedge funds and other 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.