Pagaya Technologies (NASDAQ:PGY) Trading 9.1% Higher – Should You Buy?

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) were up 9.1% during mid-day trading on Tuesday . The company traded as high as $17.87 and last traded at $18.1390. Approximately 1,189,260 shares were traded during trading, a decline of 70% from the average daily volume of 3,902,558 shares. The stock had previously closed at $16.63.

Wall Street Analysts Forecast Growth

PGY has been the subject of a number of research analyst reports. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Canaccord Genuity Group restated a “buy” rating and set a $32.00 price objective on shares of Pagaya Technologies in a report on Monday, May 18th. Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Finally, Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Three 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $34.50.

Pagaya Technologies Stock Performance

The company has a market cap of $1.55 billion, a PE ratio of 17.35 and a beta of 5.35. The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25. The company has a 50-day moving average of $14.46 and a 200-day moving average of $15.87.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings results on Sunday, March 22nd. The company reported ($40.85) EPS for the quarter. The company had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. As a group, analysts anticipate that Pagaya Technologies Ltd. will post 2.92 earnings per share for the current year.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, CAO Cory Vieira sold 2,140 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total value of $32,121.40. Following the completion of the sale, the chief accounting officer owned 18,179 shares in the company, valued at approximately $272,866.79. This trade represents a 10.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gal Krubiner bought 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, for a total transaction of $250,428.90. Following the transaction, the chief executive officer owned 555,906 shares in the company, valued at approximately $8,577,629.58. This represents a 3.01% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 80,814 shares of company stock valued at $1,218,391 in the last quarter. 47.59% of the stock is owned by company insiders.

Institutional Trading of Pagaya Technologies

A number of hedge funds have recently bought and sold shares of PGY. Divisadero Street Capital Management LP raised its stake in shares of Pagaya Technologies by 79.8% during the 3rd quarter. Divisadero Street Capital Management LP now owns 416,919 shares of the company’s stock worth $12,378,000 after purchasing an additional 185,000 shares during the period. Allspring Global Investments Holdings LLC grew its position in Pagaya Technologies by 3,179.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 426,089 shares of the company’s stock valued at $9,493,000 after buying an additional 413,096 shares during the period. Adams Street Partners LLC bought a new position in Pagaya Technologies during the third quarter valued at about $10,526,000. HarbourVest Partners LLC purchased a new stake in Pagaya Technologies during the third quarter worth about $3,343,000. Finally, Temasek Holdings Private Ltd bought a new stake in Pagaya Technologies in the third quarter worth about $4,277,000. 57.14% of the stock is currently owned by institutional investors.

About Pagaya Technologies

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.