Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – Time to Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $8.54, but opened at $9.09. Pagaya Technologies shares last traded at $9.09, with a volume of 348,942 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PGY. Canaccord Genuity Group dropped their target price on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Benchmark restated a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a report on Wednesday, October 16th. Oppenheimer began coverage on Pagaya Technologies in a report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price target for the company. B. Riley lowered their price target on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a report on Monday, September 30th. Finally, UBS Group began coverage on Pagaya Technologies in a report on Friday, December 20th. They set a “neutral” rating and a $11.00 price target for the company. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Pagaya Technologies Stock Performance

The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17. The stock’s 50 day simple moving average is $9.87 and its 200-day simple moving average is $11.64.

Insider Activity

In related news, insider Tami Rosen sold 17,570 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $12.06, for a total value of $211,894.20. Following the sale, the insider now owns 73,516 shares of the company’s stock, valued at $886,602.96. This trade represents a 19.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Sanjiv Das sold 6,343 shares of the firm’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 $63,239.71. Following the completion of the sale, the president now directly owns 75,528 shares in the company, valued at approximately $753,014.16. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 224,424 shares of company stock valued at $3,119,276. 49.56% of the stock is currently owned by company insiders.

Institutional Trading of Pagaya Technologies

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its holdings in Pagaya Technologies by 48.4% in the third quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock valued at $103,000 after acquiring an additional 3,181 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Pagaya Technologies during the second quarter worth approximately $187,000. Intech Investment Management LLC acquired a new stake in Pagaya Technologies during the third quarter worth approximately $191,000. Virtu Financial LLC acquired a new stake in Pagaya Technologies during the third quarter worth approximately $223,000. Finally, MetLife Investment Management LLC raised its holdings in Pagaya Technologies by 161.1% during the third quarter. MetLife Investment Management LLC now owns 27,232 shares of the company’s stock worth $288,000 after purchasing an additional 16,804 shares in the last quarter. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

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.