Pagaya Technologies (NASDAQ:PGY) Sees Strong Trading Volume – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY) saw strong trading volume on Tuesday . 5,899,922 shares were traded during mid-day trading, an increase of 122% from the previous session’s volume of 2,663,168 shares.The stock last traded at $17.78 and had previously closed at $15.37.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. JMP Securities raised their price target on Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a research report on Friday. UBS Group assumed coverage on Pagaya Technologies in a research report on Friday, December 20th. They issued a “neutral” rating and a $11.00 price target for the company. Canaccord Genuity Group restated a “buy” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research report on Thursday, February 13th. Finally, Citigroup upgraded Pagaya Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $13.00 to $14.50 in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.17.

Pagaya Technologies Trading Up 10.3 %

The business has a 50-day moving average of $9.98 and a 200 day moving average of $11.10. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17. The stock has a market cap of $1.25 billion, a PE ratio of -6.67 and a beta of 6.09.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.32). Pagaya Technologies had a positive return on equity of 1.01% and a negative net margin of 18.48%. The business had revenue of $279.39 million during the quarter, compared to analyst estimates of $264.28 million. During the same period in the previous year, the business posted $0.24 earnings per share. Equities research analysts predict that Pagaya Technologies Ltd. will post 0.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Tami Rosen sold 35,369 shares of Pagaya Technologies stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $15.00, for a total value of $530,535.00. Following the transaction, the insider now directly owns 38,181 shares of the company’s stock, valued at $572,715. The trade was a 48.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Evangelos Perros sold 21,305 shares of Pagaya Technologies stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $212,410.85. Following the completion of the transaction, the chief financial officer now directly owns 54,029 shares in the company, valued at $538,669.13. This represents a 28.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,692 shares of company stock valued at $1,205,379. Insiders own 49.56% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. R Squared Ltd acquired a new position in Pagaya Technologies during the 4th quarter worth approximately $30,000. Pilgrim Partners Asia Pte Ltd acquired a new position in Pagaya Technologies during the 4th quarter worth approximately $43,000. Nisa Investment Advisors LLC acquired a new position in Pagaya Technologies during the 4th quarter worth approximately $57,000. KLP Kapitalforvaltning AS purchased a new stake in Pagaya Technologies during the 4th quarter worth approximately $67,000. Finally, BNP Paribas Financial Markets increased its holdings in Pagaya Technologies by 48.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock worth $103,000 after purchasing an additional 3,181 shares during the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

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.