Pagaya Technologies (NASDAQ:PGY) Trading Up 9% – Still a Buy?

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) rose 9% during trading on Wednesday . The stock traded as high as $11.86 and last traded at $11.83. Approximately 2,063,560 shares were traded during trading, an increase of 63% from the average daily volume of 1,263,058 shares. The stock had previously closed at $10.85.

Analysts Set New Price Targets

PGY has been the subject of several recent analyst reports. Oppenheimer assumed coverage on Pagaya Technologies in a research note on Tuesday, October 1st. They set an “outperform” rating and a $12.00 target price for the company. B. Riley dropped their price target on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Canaccord Genuity Group lowered their price objective on shares of Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Wedbush restated a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a research report on Monday, August 12th. Finally, Benchmark reissued a “buy” rating and set a $21.00 target price on shares of Pagaya Technologies in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.89.

Pagaya Technologies Price Performance

The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $837.33 million, a PE ratio of -8.33 and a beta of 6.36. The stock has a fifty day simple moving average of $12.16 and a 200-day simple moving average of $12.07.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.11). Pagaya Technologies had a negative net margin of 14.58% and a negative return on equity of 3.10%. The company had revenue of $250.34 million during the quarter, compared to analysts’ expectations of $239.16 million. Equities analysts anticipate that Pagaya Technologies Ltd. will post -0.15 earnings per share for the current year.

Insider Activity

In related news, CFO Evangelos Perros sold 24,171 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total transaction of $327,517.05. Following the completion of the sale, the chief financial officer now owns 23,791 shares in the company, valued at $322,368.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Pagaya Technologies news, CFO Evangelos Perros sold 24,171 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $13.55, for a total transaction of $327,517.05. Following the completion of the sale, the chief financial officer now directly owns 23,791 shares of the company’s stock, valued at approximately $322,368.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tami Rosen sold 8,025 shares of Pagaya Technologies stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $14.70, for a total value of $117,967.50. Following the completion of the transaction, the insider now owns 55,751 shares in the company, valued at $819,539.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,792 shares of company stock valued at $817,717. 19.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. nVerses Capital LLC acquired a new stake in Pagaya Technologies during the second quarter worth approximately $74,000. SG Americas Securities LLC purchased a new stake in shares of Pagaya Technologies in the second quarter valued at $101,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Pagaya Technologies in the second quarter valued at $166,000. The Manufacturers Life Insurance Company purchased a new position in Pagaya Technologies during the second quarter worth about $187,000. Finally, Castle Hook Partners LP acquired a new stake in Pagaya Technologies in the 1st quarter worth about $188,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

About Pagaya Technologies

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.