Pagaya Technologies (NASDAQ:PGY) Trading Up 4.5% – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares traded up 4.5% on Tuesday . The company traded as high as $10.03 and last traded at $9.91. 610,141 shares were traded during trading, a decline of 65% from the average session volume of 1,758,229 shares. The stock had previously closed at $9.48.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on PGY shares. 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. B. Riley reissued a “buy” rating and issued a $36.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. Citigroup upgraded Pagaya Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the company from $13.00 to $14.50 in a research note on Friday, February 7th. UBS Group initiated coverage on 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 set a $25.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pagaya Technologies presently has an average rating of “Moderate Buy” and an average target price of $20.61.

Pagaya Technologies Stock Performance

The firm has a fifty day simple moving average of $11.65 and a 200 day simple moving average of $10.71. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82. The stock has a market cap of $751.85 million, a price-to-earnings ratio of -1.82 and a beta of 5.89.

Pagaya Technologies (NASDAQ:PGY) last posted its earnings results on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate 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 quarter last year, the business 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 year.

Insider Activity

In other news, insider Tami Rosen sold 35,369 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $15.00, for a total transaction of $530,535.00. Following the completion of the transaction, the insider now directly owns 38,181 shares of the company’s stock, valued at $572,715. This trade represents a 48.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Sanjiv Das sold 7,282 shares of the business’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total transaction of $64,445.70. Following the transaction, the president now owns 91,163 shares in the company, valued at approximately $806,792.55. The trade was a 7.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,497 shares of company stock valued at $714,905 in the last 90 days. 49.56% of the stock is owned by company insiders.

Institutional Trading of Pagaya Technologies

Hedge funds have recently made changes to their positions in the company. Frontier Capital Management Co. LLC acquired a new stake in Pagaya Technologies in the fourth quarter worth $28,070,000. Point72 Asset Management L.P. raised its stake in Pagaya Technologies by 284.3% in the 4th quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company’s stock valued at $11,133,000 after acquiring an additional 886,539 shares during the period. Two Sigma Investments LP grew its position in shares of Pagaya Technologies by 359.6% in the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company’s stock valued at $7,675,000 after purchasing an additional 646,357 shares in the last quarter. State Street Corp grew its stake in Pagaya Technologies by 14.6% during the third quarter. State Street Corp now owns 763,823 shares of the company’s stock valued at $8,074,000 after acquiring an additional 97,135 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Pagaya Technologies by 310.6% in the 4th quarter. JPMorgan Chase & Co. now owns 625,351 shares of the company’s stock worth $5,810,000 after acquiring an additional 473,063 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.