Pagaya Technologies (NASDAQ:PGY) Sees Strong Trading Volume – Here’s What Happened

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) saw strong trading volume on Monday . 1,092,906 shares were traded during mid-day trading, a decline of 36% from the previous session’s volume of 1,710,577 shares.The stock last traded at $12.73 and had previously closed at $12.50.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Pagaya Technologies in a research report on Wednesday, October 16th. UBS Group initiated coverage on shares of Pagaya Technologies in a research report on Friday, December 20th. They issued a “neutral” rating and a $11.00 price objective on the stock. Canaccord Genuity Group reduced 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 report on Wednesday, November 13th. Finally, Citigroup upgraded shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and increased their price target for the company from $13.00 to $14.50 in a research report on Friday, February 7th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pagaya Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $20.06.

Pagaya Technologies Stock Performance

The stock has a 50-day moving average price of $9.63 and a two-hundred day moving average price of $11.13. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17.

Insider Buying and Selling

In related news, President Sanjiv Das sold 6,343 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $63,239.71. Following the completion of the sale, the president now directly owns 75,528 shares of the company’s stock, valued at approximately $753,014.16. This represents a 7.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Tami Rosen sold 9,846 shares of the stock in a transaction that occurred 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 directly owns 73,550 shares of the company’s stock, 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 ninety days, insiders sold 66,323 shares of company stock valued at $674,844. 49.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pagaya Technologies

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its holdings in Pagaya Technologies by 502.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company’s stock valued at $1,610,000 after buying an additional 127,012 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in Pagaya Technologies by 4,374.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after buying an additional 304,890 shares in the last quarter. Centiva Capital LP purchased a new stake in Pagaya Technologies during the 3rd quarter valued at approximately $617,000. Millennium Management LLC grew its holdings in Pagaya Technologies by 455.9% during the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock valued at $2,789,000 after buying an additional 179,235 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Pagaya Technologies by 17.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company’s stock valued at $1,184,000 after purchasing an additional 16,533 shares in the last quarter. 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.