Pagaya Technologies (NASDAQ:PGY) Trading 5.9% Higher – Time to Buy?

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) shot up 5.9% on Tuesday . The stock traded as high as $9.39 and last traded at $9.38. 399,658 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 1,416,346 shares. The stock had previously closed at $8.86.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Canaccord Genuity Group cut their price target on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Oppenheimer started coverage on Pagaya Technologies in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 target price for the company. B. Riley cut their price target on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, UBS Group started coverage on Pagaya Technologies in a report on Friday. They set a “neutral” rating and a $11.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Pagaya Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Pagaya Technologies Price Performance

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 business’s 50-day moving average is $10.72 and its two-hundred day moving average is $12.01. The company has a market capitalization of $692.37 million, a P/E ratio of -3.70 and a beta of 6.11.

Insider Activity

In related news, President Sanjiv Das sold 10,683 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $11.77, for a total value of $125,738.91. Following the transaction, the president now owns 64,794 shares in the company, valued at approximately $762,625.38. This represents a 14.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Yahav Yulzari sold 150,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.50, for a total value of $2,325,000.00. Following the completion of the sale, the insider now directly owns 161,637 shares of the company’s stock, valued at $2,505,373.50. This represents a 48.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 186,045 shares of company stock valued at $2,755,982 over the last three months. Corporate insiders own 49.56% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC grew its holdings in shares of Pagaya Technologies by 4.6% during the third quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock worth $437,000 after purchasing an additional 1,826 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Pagaya Technologies by 13.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock worth $176,000 after buying an additional 1,937 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Pagaya Technologies by 48.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock valued at $103,000 after buying an additional 3,181 shares in the last quarter. nVerses Capital LLC purchased a new position in Pagaya Technologies in the second quarter worth $74,000. Finally, SG Americas Securities LLC bought a new position in Pagaya Technologies in the second quarter valued at $101,000. 57.14% of the stock is currently owned by institutional investors.

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.