Pagaya Technologies (NASDAQ:PGY) Trading 7.3% Higher – Here’s What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY) traded up 7.3% on Thursday . The stock traded as high as $10.06 and last traded at $9.97. 367,229 shares were traded during trading, a decline of 74% from the average session volume of 1,420,271 shares. The stock had previously closed at $9.29.

Analyst Ratings Changes

A number of brokerages have weighed in on PGY. Canaccord Genuity Group reduced their price target on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Oppenheimer started coverage on Pagaya Technologies in a report on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 target price for the company. Benchmark reiterated a “buy” rating and set a $21.00 price target on shares of Pagaya Technologies in a report on Wednesday, October 16th. B. Riley reduced their price objective on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Finally, UBS Group started coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They issued a “neutral” rating and a $11.00 target price on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Pagaya Technologies presently has an average rating of “Moderate Buy” and an average target price of $20.00.

Pagaya Technologies Stock Performance

The firm’s fifty day moving average price is $10.45 and its 200-day moving average price is $11.87. The company has a market cap of $738.03 million, a P/E ratio of -3.94 and a beta of 6.11. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82.

Insider Activity at Pagaya Technologies

In other news, insider Tami Rosen sold 17,570 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $12.06, for a total value of $211,894.20. Following the sale, the insider now directly owns 73,516 shares in the company, valued at approximately $886,602.96. This represents a 19.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Sanjiv Das sold 10,683 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $11.77, for a total value of $125,738.91. Following the transaction, the president now owns 64,794 shares of the company’s stock, valued at $762,625.38. This trade represents a 14.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 186,045 shares of company stock worth $2,755,982 over the last three months. Company insiders own 49.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. nVerses Capital LLC bought a new stake in shares of Pagaya Technologies in the 2nd quarter worth about $74,000. BNP Paribas Financial Markets boosted its position in Pagaya Technologies by 48.4% in the third quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock valued at $103,000 after buying an additional 3,181 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Pagaya Technologies during the second quarter worth about $166,000. The Manufacturers Life Insurance Company increased its holdings in shares of Pagaya Technologies by 13.2% during the third 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 in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Pagaya Technologies in the third quarter valued at approximately $191,000. 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.