Pagaya Technologies (NASDAQ:PGY) Stock Price Up 6.2% - What's Next?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price shot up 6.2% on Thursday . The company traded as high as $11.72 and last traded at $11.64. 337,808 shares were traded during trading, a decline of 73% from the average session volume of 1,259,002 shares. The stock had previously closed at $10.96.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Benchmark reissued a "buy" rating and set a $21.00 price target on shares of Pagaya Technologies in a report on Wednesday, October 16th. 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 report on Monday, September 30th. Wedbush reissued a "neutral" rating and set a $13.00 price target on shares of Pagaya Technologies in a report on Monday, August 12th. 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, JMP Securities reissued a "market outperform" rating and set a $25.00 price target on shares of Pagaya Technologies in a report on Tuesday, September 3rd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $22.89.

Pagaya Technologies Trading Up 5.7 %

The business has a fifty day simple moving average of $11.94 and a 200-day simple moving average of $12.12. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market cap of $821.02 million, a price-to-earnings ratio of -8.21 and a beta of 6.36.

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

Insider Activity

In other news, CTO Avital Pardo sold 11,601 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $15.83, for a total value of $183,643.83. Following the completion of the sale, the chief technology officer now owns 433,125 shares of the company's stock, valued at approximately $6,856,368.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CTO Avital Pardo sold 11,601 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $15.83, for a total value of $183,643.83. Following the completion of the sale, the chief technology officer now owns 433,125 shares of the company's stock, valued at approximately $6,856,368.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Tami Rosen sold 8,025 shares of the company's stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.70, for a total value of $117,967.50. Following the sale, the insider now owns 55,751 shares in the company, valued at approximately $819,539.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,275 shares of company stock valued at $940,334. Company insiders own 19.70% of the company's stock.

Institutional Investors Weigh In On Pagaya Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new position in Pagaya Technologies in the first quarter worth approximately $12,686,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in 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 acquiring an additional 83,913 shares in the last quarter. ARK Investment Management LLC boosted its holdings in Pagaya Technologies by 36.2% in the second quarter. ARK Investment Management LLC now owns 221,810 shares of the company's stock worth $2,830,000 after acquiring an additional 58,939 shares in the last quarter. Sei Investments Co. bought a new position in Pagaya Technologies in the first quarter worth approximately $1,101,000. Finally, Yarra Square Partners LP boosted its holdings in Pagaya Technologies by 29.9% in the second quarter. Yarra Square Partners LP now owns 619,345 shares of the company's stock worth $7,903,000 after acquiring an additional 142,500 shares in the last quarter. Institutional investors own 57.14% of the company's stock.

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.