Pagaya Technologies (NASDAQ:PGY) Sees Strong Trading Volume – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY) saw strong trading volume on Tuesday . 5,899,922 shares were traded during trading, an increase of 122% from the previous session’s volume of 2,663,168 shares.The stock last traded at $17.78 and had previously closed at $15.37.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. UBS Group assumed coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price target on the stock. Canaccord Genuity Group restated a “buy” rating and set a $25.00 target price on shares of Pagaya Technologies in a research note on Thursday, February 13th. Citigroup upgraded shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and upped their target price for the stock from $13.00 to $14.50 in a research note on Friday, February 7th. Finally, JMP Securities upped their target price on shares of Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.17.

Pagaya Technologies Price Performance

The company has a market capitalization of $1.25 billion, a PE ratio of -6.67 and a beta of 6.09. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The company’s 50 day simple moving average is $9.98 and its 200 day simple moving average is $11.10.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.32). The firm had revenue of $279.39 million during the quarter, compared to analyst estimates of $264.28 million. Pagaya Technologies had a negative net margin of 18.48% and a positive return on equity of 1.01%. During the same period in the previous year, the company posted $0.24 earnings per share. As a group, sell-side analysts predict that Pagaya Technologies Ltd. will post 0.18 earnings per share for the current year.

Insider Activity

In related news, insider Tami Rosen sold 35,369 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $15.00, for a total transaction of $530,535.00. Following the completion of the sale, the insider now directly owns 38,181 shares of the company’s stock, valued at $572,715. This trade represents a 48.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Sanjiv Das sold 6,343 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $63,239.71. Following the sale, the president now directly owns 75,528 shares of the company’s stock, valued at approximately $753,014.16. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,692 shares of company stock valued at $1,205,379. 49.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

Hedge funds have recently modified their holdings of the stock. R Squared Ltd acquired a new stake in shares of Pagaya Technologies during the fourth quarter worth $30,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Pagaya Technologies in the fourth quarter valued at $43,000. Nisa Investment Advisors LLC acquired a new stake in Pagaya Technologies in the fourth quarter valued at $57,000. KLP Kapitalforvaltning AS acquired a new stake in Pagaya Technologies in the fourth quarter valued at $67,000. Finally, BNP Paribas Financial Markets lifted its holdings in Pagaya Technologies by 48.4% in the third quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock valued at $103,000 after acquiring an additional 3,181 shares during the period. 57.14% of the stock is 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.