Pagaya Technologies (NASDAQ:PGY) Shares Up 9.3% – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY) shares shot up 9.3% on Monday . The stock traded as high as $17.43 and last traded at $17.37. Approximately 299,250 shares traded hands during trading, a decline of 92% from the average session volume of 3,794,818 shares. The stock had previously closed at $15.89.

Wall Street Analysts Forecast Growth

PGY has been the topic of a number of recent analyst reports. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 price target on shares of Pagaya Technologies in a report on Monday, May 18th. Texas Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Finally, Zacks Research cut Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $35.86.

Pagaya Technologies Price Performance

The business has a 50 day moving average of $15.96 and a 200 day moving average of $15.11. The company has a market cap of $1.38 billion, a PE ratio of 15.52 and a beta of 5.32. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share for the quarter. The company had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. As a group, research analysts predict that Pagaya Technologies Ltd. will post 2.92 EPS for the current year.

Insider Transactions at Pagaya Technologies

In other news, Director Tami Rosen sold 9,944 shares of Pagaya Technologies stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $15.20, for a total transaction of $151,148.80. Following the sale, the director owned 37,544 shares of the company’s stock, valued at approximately $570,668.80. The trade was a 20.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Evangelos Perros sold 11,558 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $16.23, for a total transaction of $187,586.34. Following the transaction, the insider owned 131,241 shares in the company, valued at $2,130,041.43. This represents a 8.09% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 58,090 shares of company stock worth $923,764. 41.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Segall Bryant & Hamill LLC raised its position in shares of Pagaya Technologies by 81.0% in the 1st quarter. Segall Bryant & Hamill LLC now owns 118,459 shares of the company’s stock worth $1,380,000 after acquiring an additional 53,011 shares in the last quarter. Edgestream Partners L.P. boosted its position in shares of Pagaya Technologies by 353.2% during the first quarter. Edgestream Partners L.P. now owns 373,771 shares of the company’s stock valued at $4,354,000 after purchasing an additional 291,291 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Pagaya Technologies by 134.6% during the first quarter. Royal Bank of Canada now owns 35,940 shares of the company’s stock valued at $419,000 after purchasing an additional 20,623 shares in the last quarter. Empowered Funds LLC grew its stake in Pagaya Technologies by 4,562.7% in the first quarter. Empowered Funds LLC now owns 116,661 shares of the company’s stock worth $1,359,000 after purchasing an additional 114,159 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Pagaya Technologies by 5.4% in the first quarter. The Manufacturers Life Insurance Company now owns 15,136 shares of the company’s stock worth $176,000 after purchasing an additional 776 shares during the period. Hedge funds and other institutional investors own 57.14% of the company’s stock.

About Pagaya Technologies

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.