Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – Still a Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $11.07, but opened at $12.16. Pagaya Technologies shares last traded at $12.56, with a volume of 2,175,353 shares.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Canaccord Genuity Group reduced their price target on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Pagaya Technologies in a report on Wednesday, October 16th. Citigroup raised shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and upped their price target for the stock from $13.00 to $14.50 in a research report on Friday. Finally, UBS Group assumed coverage on Pagaya Technologies in a report on Friday, December 20th. They set a “neutral” rating and a $11.00 price target for the company. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.06.

Pagaya Technologies Stock Up 13.0 %

The firm’s fifty day moving average is $9.56 and its 200-day moving average is $11.21. The company has a market capitalization of $921.12 million, a P/E ratio of -4.89 and a beta of 6.09. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17.

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, insider Yahav Yulzari sold 150,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $15.50, for a total transaction of $2,325,000.00. Following the sale, the insider now owns 161,637 shares of the company’s stock, valued at approximately $2,505,373.50. This represents a 48.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Sanjiv Das sold 6,343 shares of the firm’s stock in a transaction that occurred 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 $753,014.16. This represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 206,477 shares of company stock worth $2,879,920. Insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

Several institutional investors have recently made changes to their positions in the company. Millennium Management LLC boosted its stake in Pagaya Technologies by 455.9% in the second 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. The Manufacturers Life Insurance Company purchased a new position in Pagaya Technologies in the second quarter valued at approximately $187,000. Cubist Systematic Strategies LLC grew its holdings in Pagaya Technologies by 50.1% during the second quarter. Cubist Systematic Strategies LLC now owns 43,813 shares of the company’s stock valued at $559,000 after purchasing an additional 14,629 shares during the period. GSA Capital Partners LLP purchased a new stake in Pagaya Technologies in the third quarter worth $374,000. Finally, Intech Investment Management LLC bought a new stake in shares of Pagaya Technologies in the third quarter valued at $191,000. Institutional investors own 57.14% of the company’s stock.

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.