Pagaya Technologies (NASDAQ:PGY) Shares Up 7.4% – Here’s What Happened

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) traded up 7.4% on Friday . The stock traded as high as $9.92 and last traded at $9.84. 1,108,320 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 1,456,806 shares. The stock had previously closed at $9.16.

Analyst Ratings Changes

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

Pagaya Technologies Price Performance

The firm has a fifty day moving average of $9.55 and a 200 day moving average of $11.45. The company has a market capitalization of $711.56 million, a P/E ratio of -3.80 and a beta of 6.12. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82.

Insiders Place Their Bets

In other Pagaya Technologies news, President Sanjiv Das sold 7,282 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $64,445.70. Following the transaction, the president now directly owns 91,163 shares of the company’s stock, valued at approximately $806,792.55. This trade represents a 7.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tami Rosen sold 17,570 shares of Pagaya Technologies stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.06, for a total value of $211,894.20. Following the transaction, the insider now directly owns 73,516 shares in the company, valued at approximately $886,602.96. The trade was a 19.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 231,706 shares of company stock valued at $3,183,722. Insiders own 49.56% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in Pagaya Technologies by 502.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company’s stock worth $1,610,000 after acquiring an additional 127,012 shares during the last quarter. Point72 Asset Management L.P. grew its position in Pagaya Technologies by 4,374.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after acquiring an additional 304,890 shares during the last quarter. Centiva Capital LP bought a new position in Pagaya Technologies in the 3rd quarter valued at $617,000. Millennium Management LLC grew its position in Pagaya Technologies by 455.9% in the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock valued at $2,789,000 after acquiring an additional 179,235 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Pagaya Technologies by 17.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company’s stock valued at $1,184,000 after acquiring an additional 16,533 shares during the last quarter. 57.14% of the stock is owned by hedge funds and other institutional investors.

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.