Pagaya Technologies (NASDAQ:PGY) Shares Up 6.3% – Should You Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price was up 6.3% during trading on Wednesday . The company traded as high as $12.20 and last traded at $12.03. Approximately 2,408,708 shares changed hands during mid-day trading, an increase of 20% from the average daily volume of 2,014,407 shares. The stock had previously closed at $11.32.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGY. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Canaccord Genuity Group dropped their target price 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. Citigroup upgraded shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $13.00 to $14.50 in a report on Friday, February 7th. Finally, UBS Group initiated coverage on shares of Pagaya Technologies in a report on Friday, December 20th. They set a “neutral” rating and a $11.00 target price on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.06.

Pagaya Technologies Stock Up 5.3 %

The company has a market capitalization of $878.17 million, a P/E ratio of -4.70 and a beta of 6.09. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82. The stock’s fifty day moving average is $9.65 and its 200 day moving average is $11.10.

Insider Activity

In other Pagaya Technologies news, CFO Evangelos Perros sold 21,305 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $212,410.85. Following the transaction, the chief financial officer now directly owns 54,029 shares of the company’s stock, valued at approximately $538,669.13. The trade was a 28.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tami Rosen sold 21,547 shares of Pagaya Technologies stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $214,823.59. Following the sale, the insider now directly owns 73,550 shares in the company, valued at $733,293.50. The trade was a 22.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,323 shares of company stock valued at $674,844. Insiders own 49.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. R Squared Ltd bought a new stake in Pagaya Technologies during the fourth quarter worth about $30,000. Nisa Investment Advisors LLC bought a new position in Pagaya Technologies during the 4th quarter valued at approximately $57,000. KLP Kapitalforvaltning AS bought a new stake in Pagaya Technologies in the fourth quarter worth $67,000. CIBC Private Wealth Group LLC grew its stake in shares of Pagaya Technologies by 15.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company’s stock worth $101,000 after acquiring an additional 1,532 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Pagaya Technologies by 48.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock worth $103,000 after purchasing an additional 3,181 shares during the last quarter. 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.