Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $12.36, but opened at $12.61. Pagaya Technologies shares last traded at $11.97, with a volume of 280,009 shares trading hands.

Analysts Set New Price Targets

PGY has been the subject of several research analyst reports. UBS Group assumed coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They issued a “neutral” rating and a $11.00 price objective for the company. Benchmark reaffirmed a “buy” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Monday, March 17th. B. Riley reissued a “buy” rating and set a $36.00 price objective on shares of Pagaya Technologies in a research report on Monday, March 17th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a research report on Thursday, February 13th. Finally, Citigroup upgraded Pagaya Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $13.00 to $14.50 in a report on Friday, February 7th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

Pagaya Technologies Stock Performance

The firm has a market cap of $870.44 million, a PE ratio of -2.10 and a beta of 5.98. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The company has a 50-day simple moving average of $11.51 and a two-hundred day simple moving average of $10.93.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.32). The company had revenue of $279.39 million for the quarter, compared to the consensus estimate of $264.28 million. Pagaya Technologies had a negative net margin of 39.20% and a positive return on equity of 0.82%. During the same quarter in the previous year, the company posted $0.24 EPS. As a group, equities research analysts forecast that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current year.

Insider Buying and Selling

In other news, President Sanjiv Das sold 7,282 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $64,445.70. Following the sale, the president now owns 91,163 shares of the company’s stock, valued at $806,792.55. The trade was a 7.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Tami Rosen sold 21,547 shares of the company’s stock in a transaction that occurred on 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 owns 73,550 shares in the company, valued at $733,293.50. The trade was a 22.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,692 shares of company stock valued at $1,205,379. 49.56% 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 bought and sold shares of PGY. California State Teachers Retirement System grew its position in shares of Pagaya Technologies by 5.4% in the fourth quarter. California State Teachers Retirement System now owns 35,771 shares of the company’s stock valued at $332,000 after purchasing an additional 1,848 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Pagaya Technologies during the 4th quarter valued at about $105,000. Jefferies Financial Group Inc. bought a new stake in shares of Pagaya Technologies during the fourth quarter valued at about $93,000. PharVision Advisers LLC purchased a new stake in shares of Pagaya Technologies in the fourth quarter worth about $109,000. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Pagaya Technologies by 200.9% in the fourth quarter. Voloridge Investment Management LLC now owns 149,978 shares of the company’s stock worth $1,393,000 after buying an additional 100,127 shares in the last quarter. Institutional investors own 57.14% of the company’s stock.

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.