Pagaya Technologies (NASDAQ:PGY) Sees Large Volume Increase - What's Next?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 5,899,922 shares traded hands during trading, an increase of 122% from the previous session's volume of 2,663,168 shares.The stock last traded at $17.78 and had previously closed at $15.37.

Wall Street Analysts Forecast Growth

PGY has been the subject of several analyst reports. Citigroup raised shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and increased their price target for the company from $13.00 to $14.50 in a research report on Friday, February 7th. UBS Group initiated coverage on shares of Pagaya Technologies in a research report on Friday, December 20th. They set a "neutral" rating and a $11.00 price target for the company. Canaccord Genuity Group reissued a "buy" rating and set a $25.00 price target on shares of Pagaya Technologies in a research report on Thursday, February 13th. Finally, JMP Securities boosted their target price on Pagaya Technologies from $25.00 to $26.00 and gave the company a "market outperform" rating in a research note on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Pagaya Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $20.17.

Pagaya Technologies Stock Down 9.7 %

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The company's fifty day simple moving average is $10.39 and its 200 day simple moving average is $11.19. The firm has a market capitalization of $1.07 billion, a PE ratio of -2.64 and a beta of 6.09.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.32). Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. The company had revenue of $279.39 million during the quarter, compared to analysts' expectations of $264.28 million. During the same quarter last year, the business earned $0.24 earnings per share. Analysts anticipate that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Evangelos Perros sold 21,305 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $212,410.85. Following the completion of the transaction, the chief financial officer now owns 54,029 shares of the company's stock, valued at $538,669.13. This trade represents a 28.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Sanjiv Das sold 6,343 shares of Pagaya Technologies stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $63,239.71. Following the transaction, the president now owns 75,528 shares of the company's stock, valued at $753,014.16. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,692 shares of company stock worth $1,205,379 in the last three months. 49.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PGY. Frontier Capital Management Co. LLC purchased a new stake in shares of Pagaya Technologies during the fourth quarter valued at approximately $28,070,000. Point72 Asset Management L.P. grew its holdings in shares of Pagaya Technologies by 284.3% during the fourth quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company's stock valued at $11,133,000 after buying an additional 886,539 shares during the last quarter. Two Sigma Investments LP grew its holdings in shares of Pagaya Technologies by 359.6% during the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company's stock valued at $7,675,000 after buying an additional 646,357 shares during the last quarter. State Street Corp grew its holdings in shares of Pagaya Technologies by 14.6% during the third quarter. State Street Corp now owns 763,823 shares of the company's stock valued at $8,074,000 after buying an additional 97,135 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Pagaya Technologies by 310.6% during the fourth quarter. JPMorgan Chase & Co. now owns 625,351 shares of the company's stock valued at $5,810,000 after buying an additional 473,063 shares during the last quarter. 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.