Pagaya Technologies (NASDAQ:PGY) Shares Up 8.7% - Here's What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price was up 8.7% during trading on Friday . The company traded as high as $14.15 and last traded at $14.14. Approximately 1,504,187 shares traded hands during trading, an increase of 19% from the average daily volume of 1,260,629 shares. The stock had previously closed at $13.01.

Analyst Ratings Changes

A number of equities research analysts have commented on PGY shares. JMP Securities reiterated a "market outperform" rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Oppenheimer began coverage on shares of Pagaya Technologies in a research note on Tuesday, October 1st. They issued an "outperform" rating and a $12.00 target price for the company. Benchmark restated a "buy" rating and set a $21.00 price target on shares of Pagaya Technologies in a research note on Wednesday, October 16th. Canaccord Genuity Group lowered their price objective on shares of Pagaya Technologies from $42.00 to $32.00 and set a "buy" rating for the company in a research note on Monday, September 30th. Finally, B. Riley cut their target price on Pagaya Technologies from $48.00 to $36.00 and set a "buy" rating on the stock in a research report on Monday, September 30th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $22.89.

Pagaya Technologies Stock Up 12.4 %

The firm has a market capitalization of $1.05 billion, a PE ratio of -7.18 and a beta of 6.33. 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 business has a 50-day moving average price of $11.71 and a 200-day moving average price of $12.22.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.11). The firm had revenue of $250.34 million for 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%. Equities research analysts forecast that Pagaya Technologies Ltd. will post -0.09 earnings per share for the current fiscal year.

Insider Activity at Pagaya Technologies

In related news, insider Tami Rosen sold 7,659 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $12.00, for a total transaction of $91,908.00. Following the completion of the transaction, the insider now owns 65,857 shares of the company's stock, valued at approximately $790,284. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Tami Rosen sold 7,659 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $12.00, for a total transaction of $91,908.00. Following the sale, the insider now directly owns 65,857 shares of the company's stock, valued at $790,284. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Yahav Yulzari purchased 23,600 shares of the company's stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $10.52 per share, with a total value of $248,272.00. Following the purchase, the insider now owns 311,637 shares of the company's stock, valued at approximately $3,278,421.24. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 36,045 shares of company stock worth $430,982. Company insiders own 19.70% of the company's stock.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PGY. nVerses Capital LLC purchased a new position in Pagaya Technologies in the second quarter valued at approximately $74,000. SG Americas Securities LLC purchased a new position in shares of Pagaya Technologies in the 2nd quarter valued at $101,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Pagaya Technologies during the 2nd quarter worth $166,000. Cubist Systematic Strategies LLC lifted its position in Pagaya Technologies by 50.1% in the second quarter. Cubist Systematic Strategies LLC now owns 43,813 shares of the company's stock valued at $559,000 after acquiring an additional 14,629 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in Pagaya Technologies in the second quarter valued at $187,000. Institutional investors and hedge funds 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.

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