Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $11.78, but opened at $13.60. Pagaya Technologies shares last traded at $13.87, with a volume of 6,675,949 shares traded.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PGY. UBS Group began coverage on shares of Pagaya Technologies in a research report on Friday, December 20th. They set a “neutral” rating and a $11.00 target price for the company. JMP Securities increased their target price on shares of Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Friday. Citigroup raised shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $13.00 to $14.50 in a report on Friday, February 7th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $25.00 price objective on shares of Pagaya Technologies in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Pagaya Technologies currently has an average rating of “Moderate Buy” and an average price target of $20.17.

Pagaya Technologies Stock Performance

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The firm’s 50 day moving average price is $9.77 and its 200-day moving average price is $11.13.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies 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 sale, the insider now directly owns 38,181 shares in the company, valued at approximately $572,715. This trade represents a 48.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Evangelos Perros sold 21,305 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $212,410.85. Following the sale, the chief financial officer now owns 54,029 shares in the company, valued at $538,669.13. This trade represents a 28.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,692 shares of company stock worth $1,205,379 in the last ninety days. Company insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

Several hedge funds have recently bought and sold shares of PGY. R Squared Ltd acquired a new stake in Pagaya Technologies during the 4th quarter worth approximately $30,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Pagaya Technologies during the 4th quarter worth approximately $43,000. Nisa Investment Advisors LLC acquired a new stake in Pagaya Technologies during the 4th quarter worth approximately $57,000. KLP Kapitalforvaltning AS acquired a new stake in Pagaya Technologies during the 4th quarter worth approximately $67,000. Finally, CIBC Private Wealth Group LLC raised its holdings in Pagaya Technologies by 15.9% during the 4th 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. 57.14% of the stock is currently owned by institutional investors and hedge funds.

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.