Pagaya Technologies Ltd. (NASDAQ:PGY) Stock Has Average Price Target of $31.12 According to Brokerages

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) have been assigned a consensus recommendation of “Buy” from the twelve ratings firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $31.12.

Several research firms have commented on PGY. Canaccord Genuity Group raised their target price on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a report on Friday, July 31st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Pagaya Technologies in a report on Monday, September 14th. Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. TD Cowen cut their target price on Pagaya Technologies from $26.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, October 6th. Finally, Citizens Jmp upped their price objective on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, July 31st.

Pagaya Technologies Price Performance

NASDAQ:PGY opened at $19.08 on Wednesday. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 14.03 and a beta of 5.50. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08. The firm’s 50-day simple moving average is $19.86 and its 200 day simple moving average is $17.29. Pagaya Technologies has a 52 week low of $10.40 and a 52 week high of $31.06.

Insider Activity

In related news, President Sanjiv Das sold 14,300 shares of the business’s stock in a transaction on Monday, September 28th. The shares were sold at an average price of $17.04, for a total transaction of $243,672.00. Following the transaction, the president owned 173,864 shares in the company, valued at $2,962,642.56. The trade was a 7.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cory Vieira sold 2,170 shares of the business’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $17.04, for a total value of $36,976.80. Following the completion of the sale, the chief accounting officer directly owned 25,160 shares of the company’s stock, valued at $428,726.40. The trade was a 7.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 98,117 shares of company stock worth $2,019,059 in the last quarter. 41.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Engineers Gate Manager LP lifted its stake in Pagaya Technologies by 158.5% during the 2nd quarter. Engineers Gate Manager LP now owns 130,172 shares of the company’s stock valued at $2,376,000 after acquiring an additional 79,810 shares in the last quarter. Empowered Funds LLC increased its holdings in Pagaya Technologies by 4,562.7% in the 1st quarter. Empowered Funds LLC now owns 116,661 shares of the company’s stock worth $1,359,000 after acquiring an additional 114,159 shares during the last quarter. SPX Gestao de Recursos Ltda raised its position in shares of Pagaya Technologies by 49.7% in the first quarter. SPX Gestao de Recursos Ltda now owns 180,100 shares of the company’s stock valued at $2,098,000 after purchasing an additional 59,800 shares during the period. Squarepoint Ops LLC lifted its position in shares of Pagaya Technologies by 614.7% during the second quarter. Squarepoint Ops LLC now owns 252,036 shares of the company’s stock worth $4,600,000 after acquiring an additional 216,770 shares in the last quarter. Finally, Globeflex Capital L P purchased a new stake in shares of Pagaya Technologies in the second quarter worth about $2,244,000. Institutional investors own 57.14% of the company’s stock.

About Pagaya Technologies

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and machine learning to help financial institutions expand access to credit and other financial products. Its technology platform analyzes large volumes of data to evaluate assets, identify investment opportunities and support lending decisions.

The company works with banks, lenders and other financial institutions, as well as institutional investors. Through its network-based platform, Pagaya helps partners originate loans and other assets while connecting those assets with institutional funding and capital markets solutions.