Pagaya Technologies (NASDAQ:PGY) Stock Price Up 9% - Here's Why

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price traded up 9% during trading on Wednesday . The company traded as high as $11.86 and last traded at $11.83. 2,063,560 shares were traded during mid-day trading, an increase of 63% from the average session volume of 1,263,058 shares. The stock had previously closed at $10.85.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PGY shares. Benchmark restated a "buy" rating and set a $21.00 price objective on shares of Pagaya Technologies in a research report on Wednesday. Oppenheimer began coverage on Pagaya Technologies in a report on Tuesday, October 1st. They set an "outperform" rating and a $12.00 price target on the stock. Canaccord Genuity Group lowered their price target on Pagaya Technologies from $42.00 to $32.00 and set a "buy" rating for the company in a research report on Monday, September 30th. JMP Securities reiterated a "market outperform" rating and set a $25.00 price objective on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Finally, B. Riley reduced their target price on shares of Pagaya Technologies from $48.00 to $36.00 and set a "buy" rating on the stock in a research note on Monday, September 30th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Pagaya Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $22.89.

Pagaya Technologies Trading Up 8.8 %

The company's 50-day simple moving average is $12.16 and its 200 day simple moving average is $12.07. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $837.33 million, a PE ratio of -8.33 and a beta of 6.36.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.11). Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. The business had revenue of $250.34 million during the quarter, compared to analyst estimates of $239.16 million. As a group, sell-side analysts expect that Pagaya Technologies Ltd. will post -0.15 EPS for the current year.

Insider Buying and Selling at Pagaya Technologies

In related news, CRO Yahav Yulzari sold 11,662 shares of Pagaya Technologies stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $15.78, for a total transaction of $184,026.36. Following the completion of the sale, the executive now owns 288,037 shares of the company's stock, valued at $4,545,223.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Evangelos Perros sold 24,171 shares of the business's stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total value of $327,517.05. Following the completion of the transaction, the chief financial officer now directly owns 23,791 shares in the company, valued at $322,368.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Yahav Yulzari sold 11,662 shares of the firm's stock in a transaction on Friday, August 9th. The shares were sold at an average price of $15.78, for a total transaction of $184,026.36. Following the sale, the executive now owns 288,037 shares in the company, valued at approximately $4,545,223.86. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,792 shares of company stock worth $817,717. 19.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of hedge funds have recently bought and sold shares of the business. Quadrature Capital Ltd lifted its position in shares of Pagaya Technologies by 3,558.5% in the fourth quarter. Quadrature Capital Ltd now owns 784,860 shares of the company's stock valued at $1,079,000 after acquiring an additional 763,407 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in shares of Pagaya Technologies during the first quarter worth $275,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Pagaya Technologies in the first quarter valued at about $12,686,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Pagaya Technologies by 14.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 675,064 shares of the company's stock worth $6,818,000 after buying an additional 83,913 shares in the last quarter. Finally, Sei Investments Co. acquired a new position in Pagaya Technologies during the first quarter worth about $1,101,000. 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.

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