Pagaya Technologies (NASDAQ:PGY) Shares Gap Up to $14.19

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) gapped up prior to trading on Tuesday . The stock had previously closed at $14.19, but opened at $14.84. Pagaya Technologies shares last traded at $14.70, with a volume of 165,748 shares.

Analysts Set New Price Targets

A number of brokerages recently commented on PGY. Keefe, Bruyette & Woods began coverage on Pagaya Technologies in a research note on Monday, June 17th. They issued an “outperform” rating and a $23.00 price target for the company. Benchmark reiterated a “buy” rating and issued a $22.00 price objective on shares of Pagaya Technologies in a report on Friday, May 10th. Canaccord Genuity Group reiterated a “buy” rating and issued a $42.00 price objective on shares of Pagaya Technologies in a report on Thursday, May 9th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a report on Friday, June 7th. Finally, Citigroup began coverage on Pagaya Technologies in a report on Friday, May 24th. They issued a “neutral” rating and a $14.00 price objective for the company. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.93.

Pagaya Technologies Price Performance

The company has a quick ratio of 2.36, a current ratio of 2.36 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average price of $12.96 and a two-hundred day moving average price of $12.76. The stock has a market capitalization of $1.00 billion, a P/E ratio of -10.02 and a beta of 6.44.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.19). Pagaya Technologies had a negative return on equity of 4.23% and a negative net margin of 10.53%. The business had revenue of $237.00 million during the quarter, compared to the consensus estimate of $229.45 million. During the same quarter in the previous year, the business posted ($0.48) earnings per share. On average, analysts expect that Pagaya Technologies Ltd. will post -0.17 EPS for the current year.

Insider Buying and Selling

In related news, CFO Evangelos Perros sold 11,293 shares of Pagaya Technologies stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $12.15, for a total value of $137,209.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Pagaya Technologies news, Director Nicole Torraco sold 4,743 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $12.04, for a total value of $57,105.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Evangelos Perros sold 11,293 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $12.15, for a total value of $137,209.95. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,236 shares of company stock worth $197,438. 19.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. nVerses Capital LLC purchased a new position in shares of Pagaya Technologies during the 2nd quarter valued at about $74,000. SG Americas Securities LLC purchased a new position in shares of Pagaya Technologies during the 2nd quarter valued at about $101,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Pagaya Technologies during the 2nd quarter valued at about $166,000. Cornerstone Investment Partners LLC purchased a new position in shares of Pagaya Technologies during the 1st quarter valued at about $158,000. Finally, Castle Hook Partners LP purchased a new position in shares of Pagaya Technologies during the 1st quarter valued at about $188,000. 57.14% of the stock is owned by hedge funds and other 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.