Pagaya Technologies (NASDAQ:PGY) Shares Gap Up - Here's Why

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s share price gapped up prior to trading 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.

Analyst Upgrades and Downgrades

PGY has been the topic of a number of analyst reports. JMP Securities lifted their price objective on shares of Pagaya Technologies from $25.00 to $26.00 and gave the stock a "market outperform" rating in a research report on Friday. Citigroup upgraded shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $13.00 to $14.50 in a research note on Friday, February 7th. UBS Group initiated coverage on shares of Pagaya Technologies in a report on Friday, December 20th. They issued a "neutral" rating and a $11.00 price target for the company. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $25.00 price objective on shares of Pagaya Technologies in a report on Thursday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $20.17.

Pagaya Technologies Price Performance

The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82. The stock has a 50-day moving average price of $9.87 and a 200 day moving average price of $11.09. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -6.05 and a beta of 6.09.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last announced its earnings results on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.32). Pagaya Technologies had a negative net margin of 18.48% and a positive return on equity of 1.01%. The firm had revenue of $279.39 million for the quarter, compared to analyst estimates of $264.28 million. During the same period in the previous year, the company earned $0.24 EPS. As a group, equities research analysts expect that Pagaya Technologies Ltd. will post 0.18 earnings per share for the current year.

Insider Activity at Pagaya Technologies

In other news, President Sanjiv Das sold 6,343 shares of the company's stock in a transaction that occurred 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 directly owns 75,528 shares in the company, valued at approximately $753,014.16. This represents a 7.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Tami Rosen sold 21,547 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $214,823.59. Following the transaction, the insider now owns 73,550 shares of the company's stock, valued at approximately $733,293.50. This represents a 22.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,692 shares of company stock valued at $1,205,379. 49.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

Several large investors have recently added to or reduced their stakes in the business. Frontier Capital Management Co. LLC purchased a new position in Pagaya Technologies in the fourth quarter valued at $28,070,000. State Street Corp raised its holdings in shares of Pagaya Technologies by 14.6% in the 3rd quarter. State Street Corp now owns 763,823 shares of the company's stock valued at $8,074,000 after purchasing an additional 97,135 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Pagaya Technologies by 310.6% in 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. Geode Capital Management LLC lifted its holdings in Pagaya Technologies by 7.8% during the 3rd quarter. Geode Capital Management LLC now owns 596,992 shares of the company's stock worth $6,310,000 after buying an additional 43,068 shares during the last quarter. Finally, FMR LLC raised its position in shares of Pagaya Technologies by 8.3% during the 3rd quarter. FMR LLC now owns 524,570 shares of the company's stock worth $5,545,000 after acquiring an additional 40,031 shares in the last quarter. 57.14% of the stock is owned by hedge funds and other 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.