Pagaya Technologies (NASDAQ:PGY) Trading 8.2% Higher – Still a Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price rose 8.2% during mid-day trading on Thursday . The stock traded as high as $23.48 and last traded at $23.8270. Approximately 495,746 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 3,145,606 shares. The stock had previously closed at $22.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Wall Street Zen cut Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 6th. Zacks Research cut Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Pagaya Technologies in a report on Tuesday, October 14th. Benchmark restated a “buy” rating and issued a $48.00 price target on shares of Pagaya Technologies in a research note on Wednesday, October 1st. Finally, Canaccord Genuity Group upped their price objective on Pagaya Technologies from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.67.

Pagaya Technologies Stock Performance

The company has a fifty day moving average price of $25.48 and a two-hundred day moving average price of $27.76. The company has a debt-to-equity ratio of 1.16, a current ratio of 11.41 and a quick ratio of 11.41. The company has a market capitalization of $1.88 billion, a P/E ratio of -8.72 and a beta of 5.84.

Insider Activity

In related news, insider Tami Rosen sold 15,026 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $30.73, for a total transaction of $461,748.98. Following the completion of the transaction, the insider owned 28,181 shares in the company, valued at approximately $866,002.13. This represents a 34.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Sanjiv Das sold 4,783 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $30.20, for a total value of $144,446.60. Following the transaction, the president directly owned 100,640 shares of the company’s stock, valued at approximately $3,039,328. This trade represents a 4.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 32,563 shares of company stock worth $991,366 in the last quarter. 47.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB purchased a new stake in Pagaya Technologies in the second quarter worth approximately $25,000. Versant Capital Management Inc bought a new position in Pagaya Technologies in the 3rd quarter worth about $25,000. Virtus Advisers LLC purchased a new position in shares of Pagaya Technologies in the first quarter worth $35,000. LSV Asset Management bought a new stake in shares of Pagaya Technologies in the third quarter worth approximately $36,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of Pagaya Technologies by 35.8% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company’s stock worth $42,000 after buying an additional 520 shares during the last quarter. 57.14% of the stock is currently owned by institutional investors.

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.