Pagaya Technologies (NASDAQ:PGY) Stock Price Up 7.3% on Analyst Upgrade

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price shot up 7.3% during mid-day trading on Friday after Benchmark raised their price target on the stock from $25.00 to $42.00. Benchmark currently has a buy rating on the stock. Pagaya Technologies traded as high as $31.95 and last traded at $31.65. 1,296,001 shares traded hands during trading, a decline of 38% from the average session volume of 2,091,921 shares. The stock had previously closed at $29.50.

Several other brokerages have also issued reports on PGY. Stephens began coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They set an “overweight” rating and a $22.00 price target on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. Oppenheimer boosted their target price on shares of Pagaya Technologies from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday, July 2nd. Wall Street Zen lowered shares of Pagaya Technologies from a “buy” rating to a “hold” rating in a report on Saturday, July 5th. Finally, JMP Securities reissued a “market outperform” rating and set a $26.00 target price on shares of Pagaya Technologies in a report on Tuesday, June 24th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.15.

Insider Buying and Selling

In other news, CFO Evangelos Perros sold 12,755 shares of the company’s stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $22.57, for a total value of $287,880.35. Following the sale, the chief financial officer directly owned 82,870 shares of the company’s stock, valued at approximately $1,870,375.90. This represents a 13.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Yahav Yulzari sold 52,867 shares of the firm’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $20.24, for a total transaction of $1,070,028.08. Following the completion of the sale, the insider owned 4,087,724 shares of the company’s stock, valued at $82,735,533.76. The trade was a 1.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,345,423 shares of company stock worth $24,329,530. Corporate insiders own 47.59% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB purchased a new position in Pagaya Technologies during the second quarter worth about $25,000. Virtus Advisers LLC purchased a new position in Pagaya Technologies during the first quarter worth about $35,000. GAMMA Investing LLC boosted its holdings in Pagaya Technologies by 5,431.3% during the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company’s stock worth $46,000 after purchasing an additional 4,345 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Pagaya Technologies by 77.4% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,435 shares of the company’s stock worth $95,000 after purchasing an additional 1,935 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in Pagaya Technologies during the fourth quarter worth about $43,000. 57.14% of the stock is owned by institutional investors.

Pagaya Technologies Trading Up 5.9%

The firm has a market capitalization of $2.37 billion, a PE ratio of -6.22 and a beta of 5.93. The firm’s fifty day moving average is $18.77 and its two-hundred day moving average is $13.56. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.79 and a quick ratio of 1.79.

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.