Pagaya Technologies Ltd. $PGY Stock Position Lifted by Engineers Gate Manager LP

Engineers Gate Manager LP grew its position in Pagaya Technologies Ltd. (NASDAQ:PGY) by 158.5% in the second quarter, Holdings Channel.com reports. The fund owned 130,172 shares of the company’s stock after buying an additional 79,810 shares during the period. Engineers Gate Manager LP’s holdings in Pagaya Technologies were worth $2,376,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PGY. Integrated Wealth Concepts LLC acquired a new position in Pagaya Technologies in the second quarter worth $37,000. Squarepoint Ops LLC boosted its holdings in shares of Pagaya Technologies by 614.7% in the 2nd quarter. Squarepoint Ops LLC now owns 252,036 shares of the company’s stock valued at $4,600,000 after buying an additional 216,770 shares during the period. Allworth Financial LP grew its position in shares of Pagaya Technologies by 300.4% during the 2nd quarter. Allworth Financial LP now owns 3,592 shares of the company’s stock valued at $66,000 after buying an additional 2,695 shares during the last quarter. Arizona State Retirement System grew its position in shares of Pagaya Technologies by 15.3% during the 2nd quarter. Arizona State Retirement System now owns 16,217 shares of the company’s stock valued at $296,000 after buying an additional 2,149 shares during the last quarter. Finally, Corient Private Wealth LP acquired a new stake in Pagaya Technologies during the second quarter worth about $528,000. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Trading Up 7.6%

NASDAQ:PGY opened at $21.49 on Tuesday. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 15.80 and a beta of 5.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08. Pagaya Technologies Ltd. has a 1 year low of $10.40 and a 1 year high of $44.99. The business has a fifty day moving average of $19.98 and a 200-day moving average of $15.83.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. B. Riley Financial lifted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Canaccord Genuity Group raised their price target on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Jefferies Financial Group boosted their price objective on Pagaya Technologies from $23.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, August 18th. Finally, TD Cowen initiated coverage on Pagaya Technologies in a research note on Thursday, September 3rd. They set a “buy” rating and a $26.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Pagaya Technologies presently has an average rating of “Buy” and an average price target of $31.25.

Insider Buying and Selling

In related news, CEO Gal Krubiner bought 16,230 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was purchased at an average price of $15.43 per share, for a total transaction of $250,428.90. Following the transaction, the chief executive officer directly owned 555,906 shares of the company’s stock, valued at approximately $8,577,629.58. This represents a 3.01% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tami Rosen sold 1,265 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.07, for a total transaction of $29,183.55. Following the completion of the transaction, the director owned 15,400 shares of the company’s stock, valued at $355,278. This represents a 7.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 76,137 shares of company stock valued at $1,512,809 over the last 90 days. 41.99% of the stock is currently owned by company insiders.

About Pagaya Technologies

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.