Pagaya Technologies (NASDAQ:PGY) Shares Gap Up to $14.19

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) gapped up before the market opened on Tuesday . The stock had previously closed at $14.19, but opened at $14.84. Pagaya Technologies shares last traded at $14.70, with a volume of 165,748 shares traded.

Analysts Set New Price Targets

PGY has been the subject of several recent research reports. JMP Securities restated a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a report on Friday, June 7th. Citigroup initiated coverage on shares of Pagaya Technologies in a report on Friday, May 24th. They set a “neutral” rating and a $14.00 target price for the company. Keefe, Bruyette & Woods initiated coverage on shares of Pagaya Technologies in a report on Monday, June 17th. They set an “outperform” rating and a $23.00 target price for the company. Canaccord Genuity Group restated a “buy” rating and set a $42.00 target price on shares of Pagaya Technologies in a report on Thursday, May 9th. Finally, Benchmark restated a “buy” rating and set a $22.00 target price on shares of Pagaya Technologies in a report on Friday, May 10th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pagaya Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $23.93.

Pagaya Technologies Trading Down 5.0 %

The stock has a market cap of $1.00 billion, a price-to-earnings ratio of -10.02 and a beta of 6.44. The company has a quick ratio of 2.36, a current ratio of 2.36 and a debt-to-equity ratio of 0.61. The business’s 50 day simple moving average is $12.96 and its 200 day simple moving average is $12.76.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). The firm had revenue of $237.00 million during the quarter, compared to analyst estimates of $229.45 million. Pagaya Technologies had a negative net margin of 10.53% and a negative return on equity of 4.23%. During the same quarter in the prior year, the business earned ($0.48) EPS. On average, research analysts expect that Pagaya Technologies Ltd. will post -0.17 EPS for the current fiscal year.

Insider Activity

In other news, CFO Evangelos Perros sold 11,293 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $12.15, for a total value of $137,209.95. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Pagaya Technologies news, Director Nicole Torraco sold 4,743 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.04, for a total value of $57,105.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Evangelos Perros sold 11,293 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $12.15, for a total transaction of $137,209.95. The disclosure for this sale can be found here. Insiders have sold 16,236 shares of company stock valued at $197,438 over the last ninety days. 19.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers acquired a new stake in Pagaya Technologies during the 2nd quarter worth approximately $781,000. nVerses Capital LLC acquired a new position in shares of Pagaya Technologies in the 2nd quarter worth approximately $74,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Pagaya Technologies in the 2nd quarter worth approximately $166,000. ARK Investment Management LLC lifted its position in shares of Pagaya Technologies by 36.2% in the 2nd quarter. ARK Investment Management LLC now owns 221,810 shares of the company’s stock worth $2,830,000 after purchasing an additional 58,939 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Pagaya Technologies in the 2nd quarter worth approximately $1,564,000. 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.