Investors Purchase Large Volume of Pagaya Technologies Call Options (NASDAQ:PGY)

Pagaya Technologies Ltd. (NASDAQ:PGY) was the recipient of some unusual options trading activity on Monday. Traders bought 14,639 call options on the stock. This represents an increase of approximately 216% compared to the typical daily volume of 4,638 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Jefferies Financial Group raised their target price on Pagaya Technologies from $23.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Citizens Jmp boosted their price objective on shares of Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, July 31st. Canaccord Genuity Group upped their price objective on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, TD Cowen lifted their target price on Pagaya Technologies from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $31.62.

Pagaya Technologies Stock Performance

PGY stock traded up $0.07 during trading on Monday, hitting $19.30. 532,634 shares of the company’s stock traded hands, compared to its average volume of 3,375,798. The company has a quick ratio of 11.08, a current ratio of 11.08 and a debt-to-equity ratio of 1.12. Pagaya Technologies has a 52 week low of $10.40 and a 52 week high of $29.75. The stock has a fifty day moving average price of $19.75 and a two-hundred day moving average price of $16.58. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 11.69 and a beta of 5.66.

Pagaya Technologies (NASDAQ:PGY) last released its earnings results on Thursday, October 29th. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.60. The business had revenue of $390.49 million for the quarter, compared to the consensus estimate of $382.10 million. Pagaya Technologies had a net margin of 10.77% and a return on equity of 52.60%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.02 EPS. As a group, equities analysts anticipate that Pagaya Technologies will post 3.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Tami Rosen sold 1,986 shares of Pagaya Technologies stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $17.83, for a total transaction of $35,410.38. Following the transaction, the director owned 13,414 shares in the company, valued at approximately $239,171.62. The trade was a 12.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Cory Vieira sold 2,170 shares of the company’s stock in a transaction on Monday, September 28th. The stock was sold at an average price of $17.04, for a total transaction of $36,976.80. Following the sale, the chief accounting officer directly owned 25,160 shares of the company’s stock, valued at approximately $428,726.40. This trade represents a 7.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 48,647 shares of company stock worth $931,283 over the last ninety days. 41.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State of Wyoming lifted its stake in shares of Pagaya Technologies by 24.7% in the 3rd quarter. State of Wyoming now owns 7,086 shares of the company’s stock valued at $123,000 after purchasing an additional 1,404 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Pagaya Technologies in the third quarter worth $404,000. Banque Pictet & Cie SA bought a new stake in shares of Pagaya Technologies during the 3rd quarter worth $219,000. State of Alaska Department of Revenue boosted its holdings in shares of Pagaya Technologies by 5.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 22,746 shares of the company’s stock worth $393,000 after buying an additional 1,208 shares during the period. Finally, GK Wealth Management LLC acquired a new position in Pagaya Technologies in the 3rd quarter valued at $67,000. 57.14% of the stock is owned by hedge funds and other institutional investors.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and machine learning to help financial institutions expand access to credit and other financial products. Its technology platform analyzes large volumes of data to evaluate assets, identify investment opportunities and support lending decisions.

The company works with banks, lenders and other financial institutions, as well as institutional investors. Through its network-based platform, Pagaya helps partners originate loans and other assets while connecting those assets with institutional funding and capital markets solutions.