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

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $11.78, but opened at $13.60. Pagaya Technologies shares last traded at $13.87, with a volume of 6,675,949 shares traded.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a research note on Wednesday, October 16th. UBS Group began coverage on Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price target on the stock. Citigroup upgraded shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $13.00 to $14.50 in a report on Friday, February 7th. Finally, Canaccord Genuity Group dropped 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. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.06.

Pagaya Technologies Price Performance

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a fifty day moving average price of $9.68 and a 200-day moving average price of $11.11. The company has a market cap of $1.07 billion, a PE ratio of -5.72 and a beta of 6.09.

Insiders Place Their Bets

In other news, President Sanjiv Das sold 7,282 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $64,445.70. Following the transaction, the president now directly owns 91,163 shares in the company, valued at approximately $806,792.55. This represents a 7.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tami Rosen sold 9,846 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $12.18, for a total transaction of $119,924.28. Following the transaction, the insider now owns 73,550 shares in the company, valued at approximately $895,839. The trade was a 11.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,323 shares of company stock valued at $674,844 over the last three months. 49.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PGY. R Squared Ltd bought a new position in Pagaya Technologies in the fourth quarter valued at approximately $30,000. Pilgrim Partners Asia Pte Ltd bought a new position in Pagaya Technologies in the 4th quarter valued at approximately $43,000. Nisa Investment Advisors LLC bought a new stake in Pagaya Technologies during the 4th quarter worth approximately $57,000. KLP Kapitalforvaltning AS bought a new position in shares of Pagaya Technologies during the fourth quarter worth about $67,000. Finally, CIBC Private Wealth Group LLC increased its holdings in Pagaya Technologies by 15.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company’s stock worth $101,000 after purchasing an additional 1,532 shares in the last quarter. 57.14% of the stock is owned by institutional investors.

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.