Pagaya Technologies Ltd. (NASDAQ:PGY – Get Free Report) shares rose 7.3% during mid-day trading on Friday . The stock traded as high as $21.77 and last traded at $21.72. 995,573 shares traded hands during trading, a decline of 73% from the average session volume of 3,730,446 shares. The stock had previously closed at $20.24.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on PGY. Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Jefferies Financial Group boosted their price target on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Citizens Jmp lifted their price objective on shares of Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Friday, July 31st. Finally, Texas Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $32.00.
Check Out Our Latest Report on PGY
Pagaya Technologies Trading Up 7.1%
Insider Buying and Selling
In other news, CEO Gal Krubiner acquired 16,230 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were acquired at an average price of $15.43 per share, for a total transaction of $250,428.90. Following the completion of the transaction, the chief executive officer directly owned 555,906 shares of the company’s stock, valued at approximately $8,577,629.58. The trade was a 3.01% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Cory Vieira sold 2,140 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the sale, the chief accounting officer directly owned 18,179 shares in the company, valued at approximately $272,866.79. This represents a 10.53% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 107,560 shares of company stock valued at $2,011,541 over the last 90 days. 41.99% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Pagaya Technologies
A number of large investors have recently made changes to their positions in PGY. Millennium Management LLC raised its position in Pagaya Technologies by 75.2% in the 4th quarter. Millennium Management LLC now owns 1,738,760 shares of the company’s stock worth $36,340,000 after purchasing an additional 746,216 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Pagaya Technologies by 26.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock worth $17,871,000 after buying an additional 359,099 shares during the period. Two Sigma Investments LP raised its holdings in shares of Pagaya Technologies by 5.2% in the third quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock worth $43,127,000 after buying an additional 71,639 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Pagaya Technologies by 27.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company’s stock worth $28,300,000 after acquiring an additional 290,379 shares during the last quarter. Finally, Nuveen LLC lifted its stake in shares of Pagaya Technologies by 3.7% during the 4th quarter. Nuveen LLC now owns 1,299,274 shares of the company’s stock worth $27,155,000 after acquiring an additional 46,536 shares during the last quarter. 57.14% of the stock is owned by hedge funds and other institutional investors.
Pagaya Technologies Company Profile
Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.
Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.
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