Pagaya Technologies (NASDAQ:PGY) Trading Up 9.3% – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price was up 9.3% on Monday . The stock traded as high as $17.43 and last traded at $17.37. 299,250 shares traded hands during trading, a decline of 92% from the average session volume of 3,794,818 shares. The stock had previously closed at $15.89.

Wall Street Analyst Weigh In

PGY has been the subject of several recent research reports. Zacks Research cut Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Canaccord Genuity Group reissued a “buy” rating and set a $32.00 price objective on shares of Pagaya Technologies in a research note on Monday, May 18th. Texas Capital upgraded Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Finally, Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $35.86.

Pagaya Technologies Stock Performance

The firm’s fifty day moving average is $15.80 and its 200-day moving average is $15.21. The company has a current ratio of 12.09, a quick ratio of 12.09 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $1.41 billion, a PE ratio of 15.87 and a beta of 5.32.

Pagaya Technologies (NASDAQ:PGY) last announced its earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share for the quarter. The company had revenue of $91.63 million for the quarter. Pagaya Technologies had a return on equity of 44.75% and a net margin of 7.39%. As a group, research analysts anticipate that Pagaya Technologies Ltd. will post 2.92 earnings per share for the current year.

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 14,000 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $15.83, for a total transaction of $221,620.00. Following the transaction, the president directly owned 165,475 shares in the company, valued at $2,619,469.25. This represents a 7.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cory Vieira sold 2,140 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total value of $32,121.40. Following the transaction, the chief accounting officer owned 18,179 shares of the company’s stock, valued at approximately $272,866.79. This represents a 10.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 58,090 shares of company stock worth $923,764 in the last three months. Company insiders own 41.99% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of PGY. Main Management ETF Advisors LLC increased its stake in Pagaya Technologies by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 72,036 shares of the company’s stock worth $1,506,000 after purchasing an additional 736 shares during the period. The Manufacturers Life Insurance Company increased its stake in Pagaya Technologies by 5.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 15,136 shares of the company’s stock worth $176,000 after buying an additional 776 shares during the period. SBI Securities Co. Ltd. lifted its holdings in Pagaya Technologies by 5.0% during the 4th quarter. SBI Securities Co. Ltd. now owns 16,493 shares of the company’s stock worth $345,000 after buying an additional 790 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Pagaya Technologies by 3.2% during the 4th quarter. MetLife Investment Management LLC now owns 27,845 shares of the company’s stock worth $582,000 after buying an additional 867 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in Pagaya Technologies by 4.8% in the 3rd quarter. Franklin Resources Inc. now owns 22,766 shares of the company’s stock valued at $676,000 after buying an additional 1,043 shares during the period. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

Pagaya Technologies Company Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.