Pagaya Technologies (NASDAQ:PGY) Trading Up 8.1% – Time to Buy?

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) were up 8.1% on Monday . The stock traded as high as $21.74 and last traded at $21.58. 1,174,893 shares changed hands during trading, a decline of 67% from the average session volume of 3,588,962 shares. The stock had previously closed at $19.97.

Analyst Upgrades and Downgrades

Several research analysts have commented on PGY shares. Canaccord Genuity Group boosted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Jefferies Financial Group increased their price target on Pagaya Technologies from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Zacks Research upgraded shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Finally, B. Riley Financial lifted their target price on shares of Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $31.25.

Pagaya Technologies Stock Up 7.4%

The stock’s 50-day simple moving average is $19.93 and its 200 day simple moving average is $15.75. The company has a quick ratio of 11.08, a current ratio of 11.08 and a debt-to-equity ratio of 1.12. The firm has a market cap of $1.79 billion, a P/E ratio of 15.77 and a beta of 5.35.

Insiders Place Their Bets

In other Pagaya Technologies news, CEO Gal Krubiner purchased 16,230 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were purchased at an average cost of $15.43 per share, with a total value of $250,428.90. Following the completion of the purchase, the chief executive officer owned 555,906 shares in the company, valued at $8,577,629.58. This represents a 3.01% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Sanjiv Das sold 21,289 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $22.00, for a total transaction of $468,358.00. Following the sale, the president directly owned 144,186 shares of the company’s stock, valued at approximately $3,172,092. This trade represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 76,137 shares of company stock worth $1,512,809. 41.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC increased its holdings in shares of Pagaya Technologies by 4,562.7% during the first quarter. Empowered Funds LLC now owns 116,661 shares of the company’s stock valued at $1,359,000 after acquiring an additional 114,159 shares in the last quarter. SPX Gestao de Recursos Ltda grew its position in Pagaya Technologies by 49.7% in the 1st quarter. SPX Gestao de Recursos Ltda now owns 180,100 shares of the company’s stock valued at $2,098,000 after purchasing an additional 59,800 shares during the period. SG Americas Securities LLC acquired a new stake in Pagaya Technologies in the 1st quarter valued at $1,426,000. Edgestream Partners L.P. increased its stake in Pagaya Technologies by 353.2% during the 1st quarter. Edgestream Partners L.P. now owns 373,771 shares of the company’s stock valued at $4,354,000 after purchasing an additional 291,291 shares in the last quarter. Finally, Q Global Advisors LLC increased its stake in Pagaya Technologies by 324.8% during the 1st quarter. Q Global Advisors LLC now owns 537,551 shares of the company’s stock valued at $6,262,000 after purchasing an additional 410,996 shares in the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company’s Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.