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

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $12.36, but opened at $12.61. Pagaya Technologies shares last traded at $11.97, with a volume of 280,009 shares traded.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Benchmark reissued a "buy" rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Monday, March 17th. UBS Group started coverage on shares of Pagaya Technologies in a research report on Friday, December 20th. They set a "neutral" rating and a $11.00 price objective on the stock. Citigroup upgraded Pagaya Technologies from a "neutral" rating to a "buy" rating and increased their target price for the company from $13.00 to $14.50 in a report on Friday, February 7th. B. Riley reiterated a "buy" rating and set a $36.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $25.00 price objective on shares of Pagaya Technologies in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.61.

Pagaya Technologies Stock Down 7.8 %

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 business's fifty day moving average price is $11.55 and its two-hundred day moving average price is $10.91. The firm has a market cap of $802.68 million, a P/E ratio of -1.94 and a beta of 5.98.

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

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 6,343 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Evangelos Perros sold 21,305 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $212,410.85. Following the completion of the sale, the chief financial officer now owns 54,029 shares of the company's stock, valued at $538,669.13. This represents a 28.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,692 shares of company stock worth $1,205,379 over the last three months. Company insiders own 49.56% of the company's stock.

Hedge Funds Weigh In On Pagaya Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. R Squared Ltd bought a new position in Pagaya Technologies during the 4th quarter worth about $30,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Pagaya Technologies in the fourth quarter valued at approximately $43,000. Nisa Investment Advisors LLC bought a new stake in shares of Pagaya Technologies in the fourth quarter worth $57,000. KLP Kapitalforvaltning AS acquired a new stake in Pagaya Technologies in the 4th quarter valued at $67,000. Finally, BNP Paribas Financial Markets boosted its stake in shares of Pagaya Technologies by 48.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company's stock worth $103,000 after buying an additional 3,181 shares during the last quarter. 57.14% of the stock is currently owned by institutional investors and hedge funds.

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.