Pagaya Technologies (NASDAQ:PGY) Shares Up 7.1% – Here’s What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price rose 7.1% during trading on Monday . The company traded as high as $12.09 and last traded at $12.18. Approximately 362,362 shares traded hands during trading, a decline of 79% from the average daily volume of 1,692,548 shares. The stock had previously closed at $11.37.

Analysts Set New Price Targets

Several research firms recently weighed in on PGY. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Citigroup upgraded shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $13.00 to $14.50 in a report on Friday, February 7th. Canaccord Genuity Group reiterated a “buy” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a research report on Thursday, February 13th. UBS Group assumed coverage on Pagaya Technologies in a research report on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective for the company. Finally, B. Riley reiterated a “buy” rating and set a $36.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.61.

Pagaya Technologies Price Performance

The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17. The stock has a market capitalization of $910.39 million, a price-to-earnings ratio of -2.25 and a beta of 5.98. The company has a fifty day simple moving average of $11.40 and a two-hundred day simple moving average of $10.92.

Pagaya Technologies (NASDAQ:PGY) last released its earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.32). The business had revenue of $279.39 million for 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 quarter in the previous year, the company earned $0.24 earnings per share. As a group, equities research analysts expect that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current fiscal year.

Insider Activity at Pagaya Technologies

In other news, President Sanjiv Das sold 7,282 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $64,445.70. Following the completion of the sale, the president now owns 91,163 shares of the company’s stock, valued at approximately $806,792.55. This represents a 7.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Evangelos Perros sold 21,305 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $212,410.85. Following the completion of the sale, the chief financial officer now owns 54,029 shares in the company, valued at $538,669.13. The trade was a 28.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,692 shares of company stock valued at $1,205,379 in the last quarter. Insiders own 49.56% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds have recently added to or reduced their stakes in PGY. Frontier Capital Management Co. LLC purchased a new stake in shares of Pagaya Technologies in the fourth quarter valued at about $28,070,000. Point72 Asset Management L.P. grew its position in Pagaya Technologies by 284.3% in the 4th quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company’s stock worth $11,133,000 after purchasing an additional 886,539 shares in the last quarter. Two Sigma Investments LP increased its stake in Pagaya Technologies by 359.6% in the 4th quarter. Two Sigma Investments LP now owns 826,119 shares of the company’s stock valued at $7,675,000 after buying an additional 646,357 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Pagaya Technologies by 310.6% during the 4th quarter. JPMorgan Chase & Co. now owns 625,351 shares of the company’s stock worth $5,810,000 after buying an additional 473,063 shares in the last quarter. Finally, Kennedy Capital Management LLC purchased a new position in shares of Pagaya Technologies in the 4th quarter worth approximately $2,701,000. Institutional investors and hedge funds 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.