Pagaya Technologies (NASDAQ:PGY) Trading 4.5% Higher - Here's Why

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) rose 4.5% during mid-day trading on Tuesday . The company traded as high as $10.03 and last traded at $9.91. Approximately 610,141 shares traded hands during trading, a decline of 65% from the average daily volume of 1,758,229 shares. The stock had previously closed at $9.48.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PGY. UBS Group started coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They issued a "neutral" rating and a $11.00 price target on the stock. Benchmark reaffirmed a "buy" rating and issued a $25.00 target price on shares of Pagaya Technologies in a research note on Monday, March 17th. Citigroup raised Pagaya Technologies from a "neutral" rating to a "buy" rating and lifted their price target for the company from $13.00 to $14.50 in a research note on Friday, February 7th. JMP Securities upped their price objective on Pagaya Technologies from $25.00 to $26.00 and gave the stock a "market outperform" rating in a research report on Friday, February 14th. Finally, B. Riley reiterated a "buy" rating and set a $36.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Pagaya Technologies has a consensus rating of "Moderate Buy" and an average target price of $20.61.

Pagaya Technologies Trading Up 1.8 %

The company has a market cap of $711.94 million, a P/E ratio of -1.72 and a beta of 5.89. 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 has a 50 day moving average price of $11.46 and a 200-day moving average price of $10.69.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last posted 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 positive return on equity of 0.82% and a negative net margin of 39.20%. The firm had revenue of $279.39 million for the quarter, compared to the consensus estimate of $264.28 million. During the same period last year, the company posted $0.24 earnings per share. Analysts forecast that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Sanjiv Das sold 12,789 shares of the company's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $9.35, for a total value of $119,577.15. Following the transaction, the president now owns 105,817 shares in the company, valued at approximately $989,388.95. This represents a 10.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tami Rosen sold 9,846 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $12.18, for a total transaction of $119,924.28. Following the completion of the transaction, the insider now directly owns 73,550 shares in the company, valued at approximately $895,839. This represents a 11.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 58,004 shares of company stock valued at $770,036 over the last 90 days. 49.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of large investors have recently made changes to their positions in PGY. Wealth Enhancement Advisory Services LLC increased its position in Pagaya Technologies by 9.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,361 shares of the company's stock worth $130,000 after buying an additional 1,094 shares during the period. GAMMA Investing LLC increased its position in Pagaya Technologies by 5,431.3% during the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock worth $46,000 after acquiring an additional 4,345 shares during the period. California State Teachers Retirement System raised its stake in Pagaya Technologies by 5.4% in the 4th quarter. California State Teachers Retirement System now owns 35,771 shares of the company's stock worth $332,000 after purchasing an additional 1,848 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in Pagaya Technologies in the 4th quarter worth about $93,000. Finally, PharVision Advisers LLC bought a new stake in Pagaya Technologies in the 4th quarter valued at about $109,000. 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.