Pagaya Technologies (NASDAQ:PGY) Trading 9.1% Higher – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price traded up 9.1% during mid-day trading on Tuesday . The stock traded as high as $17.87 and last traded at $18.1390. 1,189,260 shares traded hands during trading, a decline of 70% from the average session volume of 3,902,558 shares. The stock had previously closed at $16.63.

Wall Street Analyst Weigh In

PGY has been the topic of several recent research reports. Canaccord Genuity Group reissued a “buy” rating and set a $32.00 price objective on shares of Pagaya Technologies in a report on Monday, May 18th. Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Finally, Texas Capital upgraded Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $34.50.

Pagaya Technologies Trading Up 12.1%

The company has a market cap of $1.55 billion, a price-to-earnings ratio of 17.35 and a beta of 5.35. The firm has a 50 day moving average price of $14.46 and a two-hundred day moving average price of $15.87. The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) EPS for the quarter. Pagaya Technologies had a return on equity of 44.75% and a net margin of 7.39%.The company had revenue of $91.63 million during the quarter. As a group, equities analysts forecast that Pagaya Technologies Ltd. will post 2.92 earnings per share for the current year.

Insider Transactions at Pagaya Technologies

In other news, Director Tami Rosen sold 9,944 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $15.20, for a total value of $151,148.80. Following the sale, the director directly owned 37,544 shares of the company’s stock, valued at approximately $570,668.80. This represents a 20.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gal Krubiner acquired 16,230 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were purchased at an average price of $15.43 per share, with a total value of $250,428.90. Following the completion of the transaction, the chief executive officer owned 555,906 shares of the company’s stock, valued at $8,577,629.58. This trade represents a 3.01% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have sold 80,814 shares of company stock worth $1,218,391. Company insiders own 47.59% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PGY. Root Financial Partners LLC acquired a new stake in Pagaya Technologies during the fourth quarter worth approximately $27,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of Pagaya Technologies by 351.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company’s stock worth $29,000 after buying an additional 1,084 shares in the last quarter. Transamerica Financial Advisors LLC bought a new position in shares of Pagaya Technologies during the 4th quarter worth approximately $30,000. Quarry LP increased its stake in shares of Pagaya Technologies by 330.8% in the 4th quarter. Quarry LP now owns 1,663 shares of the company’s stock valued at $35,000 after acquiring an additional 1,277 shares in the last quarter. Finally, Empowered Funds LLC acquired a new stake in Pagaya Technologies in the fourth quarter worth $52,000. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Company Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.