Pagaya Technologies (NASDAQ:PGY) Trading 7.1% Higher – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price was up 7.1% during trading on Monday . The company traded as high as $12.09 and last traded at $12.18. Approximately 362,362 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,692,548 shares. The stock had previously closed at $11.37.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PGY. B. Riley reissued a “buy” rating and set a $36.00 target price on shares of Pagaya Technologies in a research note on Monday, March 17th. Citigroup raised Pagaya Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $13.00 to $14.50 in a research report on Friday, February 7th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $25.00 target price on shares of Pagaya Technologies in a research note on Thursday, February 13th. UBS Group assumed coverage on shares of Pagaya Technologies in a research report on Friday, December 20th. They issued a “neutral” rating and a $11.00 price target for the company. Finally, JMP Securities boosted their price objective on shares of Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a research report on Friday, February 14th. Two equities 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 an average rating of “Moderate Buy” and an average target price of $20.61.

Pagaya Technologies Price Performance

The company’s 50-day simple moving average is $11.25 and its 200 day simple moving average is $10.92. The company has a market capitalization of $908.18 million, a P/E ratio of -2.24 and a beta of 5.98. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82.

Pagaya Technologies (NASDAQ:PGY) last announced its 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). The company had revenue of $279.39 million for the quarter, compared to the consensus estimate of $264.28 million. Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. During the same period in the previous year, the company earned $0.24 EPS. As a group, sell-side analysts expect that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Sanjiv Das sold 6,343 shares of the company’s 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 in the company, valued at $753,014.16. This represents a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Tami Rosen sold 9,846 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $12.18, for a total transaction of $119,924.28. Following the completion of the sale, the insider now owns 73,550 shares in the company, valued at $895,839. This represents a 11.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,692 shares of company stock valued at $1,205,379. Insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

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