Pagaya Technologies (NASDAQ:PGY) Trading Up 8.2% – Time to Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares shot up 8.2% during mid-day trading on Thursday . The company traded as high as $23.48 and last traded at $23.8270. 495,746 shares were traded during trading, a decline of 84% from the average session volume of 3,145,606 shares. The stock had previously closed at $22.03.

Wall Street Analyst Weigh In

Several research firms recently commented on PGY. Benchmark reiterated a “buy” rating and issued a $48.00 price target on shares of Pagaya Technologies in a research report on Wednesday, October 1st. Canaccord Genuity Group upped their target price on shares of Pagaya Technologies from $36.00 to $39.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Zacks Research downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Wall Street Zen cut Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Pagaya Technologies in a research note on Tuesday, October 14th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.63.

Pagaya Technologies Trading Down 0.3%

The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 1.16. The company’s fifty day moving average price is $25.24 and its two-hundred day moving average price is $27.77. The firm has a market cap of $1.84 billion, a PE ratio of -8.56 and a beta of 5.84.

Insiders Place Their Bets

In related news, President Sanjiv Das sold 4,783 shares of the company’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $30.20, for a total transaction of $144,446.60. Following the transaction, the president owned 100,640 shares of the company’s stock, valued at $3,039,328. This represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Evangelos Perros sold 12,754 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $30.20, for a total value of $385,170.80. Following the completion of the transaction, the chief financial officer owned 78,163 shares of the company’s stock, valued at $2,360,522.60. The trade was a 14.03% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 32,563 shares of company stock worth $991,366. Company insiders own 47.59% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

A number of large investors have recently made changes to their positions in PGY. Counterpoint Mutual Funds LLC acquired a new stake in shares of Pagaya Technologies during the second quarter valued at $857,000. G2 Investment Partners Management LLC purchased a new position in Pagaya Technologies in the 2nd quarter valued at about $5,403,000. Jump Financial LLC boosted its stake in shares of Pagaya Technologies by 509.6% during the 2nd quarter. Jump Financial LLC now owns 672,635 shares of the company’s stock worth $14,341,000 after purchasing an additional 562,294 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Pagaya Technologies by 20.5% during the first quarter. Invesco Ltd. now owns 57,875 shares of the company’s stock worth $607,000 after buying an additional 9,845 shares in the last quarter. Finally, Walleye Capital LLC purchased a new stake in shares of Pagaya Technologies during the second quarter worth about $2,027,000. Hedge funds and other institutional investors own 57.14% of the company’s stock.

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.