Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – Here’s What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY) gapped up prior to trading on Monday . The stock had previously closed at $10.20, but opened at $10.88. Pagaya Technologies shares last traded at $10.47, with a volume of 1,591,835 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group reduced their price target on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Oppenheimer initiated coverage on Pagaya Technologies in a research report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 target price for the company. JMP Securities restated a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Benchmark restated a “buy” rating and set a $21.00 target price on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Finally, B. Riley reduced their target price on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Pagaya Technologies has a consensus rating of “Moderate Buy” and an average target price of $22.11.

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 business has a 50 day moving average price of $10.89 and a two-hundred day moving average price of $12.15. The company has a market cap of $721.09 million, a P/E ratio of -3.81 and a beta of 6.12.

Insider Activity

In related news, insider Yahav Yulzari sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $15.50, for a total transaction of $2,325,000.00. Following the completion of the transaction, the insider now owns 161,637 shares in the company, valued at $2,505,373.50. This represents a 48.13 % 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, insider Tami Rosen sold 17,570 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.06, for a total value of $211,894.20. Following the completion of the sale, the insider now directly owns 73,516 shares of the company’s stock, valued at $886,602.96. The trade was a 19.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 186,045 shares of company stock valued at $2,755,982. Insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC lifted its stake in Pagaya Technologies by 4.6% in the third quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock worth $437,000 after acquiring an additional 1,826 shares during the period. The Manufacturers Life Insurance Company lifted its position in Pagaya Technologies by 13.2% during the third quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock valued at $176,000 after buying an additional 1,937 shares during the period. BNP Paribas Financial Markets lifted its position in Pagaya Technologies by 48.4% during the third quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock valued at $103,000 after buying an additional 3,181 shares during the period. nVerses Capital LLC purchased a new position in Pagaya Technologies during the second quarter valued at $74,000. Finally, SG Americas Securities LLC purchased a new position in Pagaya Technologies during the second quarter valued at $101,000. Hedge funds and other institutional investors 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.