Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – Should You Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $12.36, but opened at $12.61. Pagaya Technologies shares last traded at $11.97, with a volume of 280,009 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGY. Benchmark reaffirmed a “buy” rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. JMP Securities upped their target price on Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Friday, February 14th. B. Riley reaffirmed a “buy” rating and issued a $36.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. Citigroup raised Pagaya Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $13.00 to $14.50 in a report on Friday, February 7th. Finally, UBS Group initiated coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They issued a “neutral” rating and a $11.00 target price on the stock. Two investment 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 currently has a consensus rating of “Moderate Buy” and an average target price of $20.61.

Pagaya Technologies Stock Down 1.9 %

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The company has a 50-day simple moving average of $11.51 and a two-hundred day simple moving average of $10.93. The stock has a market cap of $870.44 million, a P/E ratio of -2.10 and a beta of 5.98.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly 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 firm had revenue of $279.39 million during 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 last year, the business earned $0.24 EPS. On average, equities analysts forecast that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Insider Activity at Pagaya Technologies

In other news, CFO Evangelos Perros sold 21,305 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $212,410.85. Following the sale, the chief financial officer now directly owns 54,029 shares of the company’s stock, valued at $538,669.13. This represents a 28.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tami Rosen sold 35,369 shares of the stock in a transaction dated Thursday, February 13th. The stock was 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 owns 38,181 shares of the company’s stock, valued at approximately $572,715. The trade was a 48.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,692 shares of company stock worth $1,205,379 in the last 90 days. Company insiders own 49.56% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

A number of large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its stake in shares of Pagaya Technologies by 1.8% in the 4th quarter. Invesco Ltd. now owns 48,030 shares of the company’s stock worth $446,000 after buying an additional 864 shares during the last quarter. Arizona State Retirement System increased its position in Pagaya Technologies by 10.9% in the fourth quarter. Arizona State Retirement System now owns 11,154 shares of the company’s stock worth $104,000 after buying an additional 1,092 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Pagaya Technologies by 15.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company’s stock worth $101,000 after buying an additional 1,532 shares during the period. Tidal Investments LLC lifted its position in shares of Pagaya Technologies by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock valued at $437,000 after buying an additional 1,826 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Pagaya Technologies by 5.4% during the 4th quarter. California State Teachers Retirement System now owns 35,771 shares of the company’s stock valued at $332,000 after buying an additional 1,848 shares in the last quarter. Institutional investors own 57.14% of the company’s stock.

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.