Pagaya Technologies' (PGY) Buy Rating Reiterated at Canaccord Genuity Group

Pagaya Technologies (NASDAQ:PGY - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Canaccord Genuity Group in a report released on Thursday,Benzinga reports. They currently have a $25.00 target price on the stock. Canaccord Genuity Group's price target suggests a potential upside of 62.65% from the stock's previous close.

A number of other brokerages also recently issued reports on PGY. UBS Group initiated coverage on Pagaya Technologies in a research report on Friday, December 20th. They set a "neutral" rating and a $11.00 price objective for the company. Citigroup upgraded Pagaya Technologies from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $13.00 to $14.50 in a research report on Friday, February 7th. Finally, Benchmark restated a "buy" rating and set a $21.00 price objective on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Pagaya Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.17.

Pagaya Technologies Trading Up 5.0 %

Pagaya Technologies stock traded up $0.73 during trading hours on Thursday, hitting $15.37. The stock had a trading volume of 4,083,099 shares, compared to its average volume of 1,483,567. 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 stock has a market cap of $1.13 billion, a price-to-earnings ratio of -6.05 and a beta of 6.09. Pagaya Technologies has a one year low of $8.20 and a one year high of $20.00. The business's 50 day simple moving average is $9.87 and its 200-day simple moving average is $11.09.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.32). The firm had revenue of $279.39 million during the quarter, compared to the consensus estimate of $264.28 million. Pagaya Technologies had a negative net margin of 18.48% and a positive return on equity of 1.01%. During the same quarter in the prior year, the business posted $0.24 earnings per share. On average, equities analysts predict that Pagaya Technologies will post 0.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Pagaya Technologies news, insider Tami Rosen sold 21,547 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 value of $214,823.59. Following the completion of the sale, the insider now owns 73,550 shares of the company's stock, valued at approximately $733,293.50. This trade represents a 22.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Sanjiv Das sold 6,343 shares of the firm'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 completion of the sale, the president now directly owns 75,528 shares of the company's stock, valued at $753,014.16. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,692 shares of company stock worth $1,205,379. 49.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pagaya Technologies

Hedge funds have recently added to or reduced their stakes in the company. Voloridge Investment Management LLC boosted its position in shares of Pagaya Technologies by 200.9% during the fourth quarter. Voloridge Investment Management LLC now owns 149,978 shares of the company's stock valued at $1,393,000 after buying an additional 100,127 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of Pagaya Technologies by 1,942.7% during the fourth quarter. Two Sigma Advisers LP now owns 232,682 shares of the company's stock valued at $2,162,000 after buying an additional 221,291 shares during the last quarter. Two Sigma Investments LP boosted its position 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. Tidal Investments LLC boosted its position in shares of Pagaya Technologies by 11.3% during the fourth quarter. Tidal Investments LLC now owns 45,971 shares of the company's stock valued at $427,000 after buying an additional 4,649 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC purchased a new position in shares of Pagaya Technologies during the fourth quarter valued at approximately $113,000. 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.