Pagaya Technologies (NASDAQ:PGY) Sees Unusually-High Trading Volume – Here’s Why

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) saw strong trading volume on Tuesday . 5,899,922 shares traded hands during trading, an increase of 122% from the previous session’s volume of 2,663,168 shares.The stock last traded at $17.78 and had previously closed at $15.37.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. UBS Group assumed coverage on Pagaya Technologies in a report on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective on the stock. Citigroup upgraded Pagaya Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $13.00 to $14.50 in a report on Friday, February 7th. JMP Securities boosted their target price on Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a research note on Friday, February 14th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Pagaya Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $20.17.

Pagaya Technologies Price Performance

The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -2.92 and a beta of 6.09. The company has a 50-day simple moving average of $10.39 and a two-hundred day simple moving average of $11.19. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly 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 company had revenue of $279.39 million for the quarter, compared to analyst estimates 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 period last year, the firm earned $0.24 EPS. As a group, equities research analysts forecast that Pagaya Technologies Ltd. will post 0.82 EPS for the current year.

Insider Buying and Selling

In related news, CFO Evangelos Perros sold 21,305 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 54,029 shares in the company, valued at $538,669.13. This represents a 28.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Tami Rosen sold 35,369 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $15.00, for a total value of $530,535.00. Following the sale, the insider now owns 38,181 shares of the company’s stock, valued at approximately $572,715. This represents a 48.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,692 shares of company stock valued at $1,205,379. 49.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. boosted its position in shares of Pagaya Technologies by 1.8% during the fourth quarter. Invesco Ltd. now owns 48,030 shares of the company’s stock valued at $446,000 after buying an additional 864 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Pagaya Technologies by 10.9% in the 4th quarter. Arizona State Retirement System now owns 11,154 shares of the company’s stock worth $104,000 after purchasing an additional 1,092 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Pagaya Technologies by 15.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company’s stock worth $101,000 after purchasing an additional 1,532 shares in the last quarter. Tidal Investments LLC boosted its holdings in Pagaya Technologies by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock valued at $437,000 after acquiring an additional 1,826 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in 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 period. Institutional investors 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.