Pagaya Technologies (NASDAQ:PGY) Stock Price Up 9.3% – Should You Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares traded up 9.3% during trading on Monday . The stock traded as high as $17.43 and last traded at $17.37. 299,250 shares were traded during trading, a decline of 92% from the average daily volume of 3,794,818 shares. The stock had previously closed at $15.89.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PGY shares. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price target on shares of Pagaya Technologies in a research report on Monday, May 18th. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Weiss Ratings raised shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $35.86.

Pagaya Technologies Stock Up 7.0%

The company has a debt-to-equity ratio of 1.25, a quick ratio of 12.09 and a current ratio of 12.09. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 15.87 and a beta of 5.32. The firm has a 50-day moving average price of $15.80 and a two-hundred day moving average price of $15.21.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share (EPS) for the quarter. The business had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. On average, sell-side analysts forecast that Pagaya Technologies Ltd. will post 2.92 earnings per share for the current year.

Insider Buying and Selling at Pagaya Technologies

In other news, insider Evangelos Perros sold 11,558 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $16.23, for a total transaction of $187,586.34. Following the completion of the sale, the insider owned 131,241 shares in the company, valued at approximately $2,130,041.43. The trade was a 8.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cory Vieira sold 2,140 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the transaction, the chief accounting officer owned 18,179 shares of the company’s stock, valued at approximately $272,866.79. The trade was a 10.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 58,090 shares of company stock worth $923,764. 41.99% of the stock is owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several large investors have recently bought and sold shares of the stock. Root Financial Partners LLC acquired a new stake in shares of Pagaya Technologies during the fourth quarter worth about $27,000. Aster Capital Management DIFC Ltd grew its position in shares of Pagaya Technologies by 351.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company’s stock worth $29,000 after acquiring an additional 1,084 shares during the last quarter. Transamerica Financial Advisors LLC purchased a new position in shares of Pagaya Technologies during the fourth quarter worth approximately $30,000. Quarry LP increased its holdings in shares of Pagaya Technologies by 330.8% in the 4th quarter. Quarry LP now owns 1,663 shares of the company’s stock valued at $35,000 after acquiring an additional 1,277 shares during the period. Finally, Empowered Funds LLC acquired a new position in shares of Pagaya Technologies in the 4th quarter valued at $52,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.