Pagaya Technologies (NASDAQ:PGY) Share Price Breaks Above Fifty Day Moving Average – Should You Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $19.76 and traded as high as $19.86. Pagaya Technologies shares last traded at $19.77, with a volume of 1,656,157 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PGY shares. Canaccord Genuity Group lifted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, July 31st. B. Riley Financial boosted their price objective on Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a report on Friday, July 31st. Jefferies Financial Group upped their target price on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Citizens Jmp increased their price target on Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, July 31st. Finally, Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $31.12.

Pagaya Technologies Stock Up 4.7%

The company’s 50 day moving average price is $19.76 and its 200 day moving average price is $16.65. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 14.54 and a beta of 5.50.

Insiders Place Their Bets

In other Pagaya Technologies news, Director Tami Rosen sold 28,181 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $21.98, for a total transaction of $619,418.38. Following the completion of the transaction, the director directly owned 16,665 shares of the company’s stock, valued at approximately $366,296.70. This trade represents a 62.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Sanjiv Das sold 21,289 shares of Pagaya Technologies stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $22.00, for a total transaction of $468,358.00. Following the sale, the president owned 144,186 shares of the company’s stock, valued at approximately $3,172,092. The trade was a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 98,117 shares of company stock valued at $2,019,059. 41.99% of the stock is owned by insiders.

Institutional Trading of Pagaya Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PGY. Engineers Gate Manager LP grew its position in Pagaya Technologies by 158.5% during the 2nd quarter. Engineers Gate Manager LP now owns 130,172 shares of the company’s stock worth $2,376,000 after purchasing an additional 79,810 shares during the period. Empowered Funds LLC raised its stake in shares of Pagaya Technologies by 4,562.7% during the 1st quarter. Empowered Funds LLC now owns 116,661 shares of the company’s stock valued at $1,359,000 after buying an additional 114,159 shares during the last quarter. SPX Gestao de Recursos Ltda lifted its holdings in shares of Pagaya Technologies by 49.7% in the 1st quarter. SPX Gestao de Recursos Ltda now owns 180,100 shares of the company’s stock valued at $2,098,000 after buying an additional 59,800 shares during the period. Squarepoint Ops LLC grew its position in Pagaya Technologies by 614.7% during the second quarter. Squarepoint Ops LLC now owns 252,036 shares of the company’s stock valued at $4,600,000 after buying an additional 216,770 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of Pagaya Technologies during the 1st quarter valued at about $1,426,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and machine learning to help financial institutions expand access to credit and other financial products. Its technology platform analyzes large volumes of data to evaluate assets, identify investment opportunities and support lending decisions.

The company works with banks, lenders and other financial institutions, as well as institutional investors. Through its network-based platform, Pagaya helps partners originate loans and other assets while connecting those assets with institutional funding and capital markets solutions.