Pagaya Technologies (NASDAQ:PGY) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Pagaya Technologies (NASDAQ:PGY) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

PGY has been the subject of a number of other research reports. Stephens assumed coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They issued an “overweight” rating and a $22.00 price objective for the company. JMP Securities lifted their price objective on shares of Pagaya Technologies from $26.00 to $35.00 and gave the company a “market outperform” rating in a report on Monday, August 11th. Benchmark lifted their price objective on shares of Pagaya Technologies from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, August 8th. Keefe, Bruyette & Woods lifted their price objective on shares of Pagaya Technologies from $27.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Finally, Canaccord Genuity Group lifted their price objective on shares of Pagaya Technologies from $28.00 to $36.00 and gave the company a “buy” rating in a report on Monday, August 11th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.33.

Pagaya Technologies Trading Down 2.2%

Shares of PGY stock opened at $36.88 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a market capitalization of $2.83 billion, a P/E ratio of -9.63 and a beta of 5.96. The company has a 50 day moving average price of $28.71 and a 200 day moving average price of $18.57. Pagaya Technologies has a fifty-two week low of $8.20 and a fifty-two week high of $41.48.

Insider Activity

In related news, insider Yahav Yulzari sold 241,160 shares of Pagaya Technologies stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total value of $4,738,794.00. Following the completion of the transaction, the insider owned 3,846,564 shares in the company, valued at $75,584,982.60. The trade was a 5.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tami Rosen sold 14,645 shares of Pagaya Technologies stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $22.57, for a total transaction of $330,537.65. Following the completion of the transaction, the insider owned 49,440 shares of the company’s stock, valued at $1,115,860.80. This represents a 22.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 846,773 shares of company stock worth $16,834,721 over the last three months. Insiders own 47.59% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB purchased a new stake in shares of Pagaya Technologies during the 2nd quarter worth approximately $25,000. Virtus Advisers LLC purchased a new stake in shares of Pagaya Technologies during the 1st quarter worth approximately $35,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Pagaya Technologies by 35.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company’s stock worth $42,000 after buying an additional 520 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Pagaya Technologies by 5,431.3% during the 1st quarter. GAMMA Investing LLC now owns 4,425 shares of the company’s stock worth $46,000 after buying an additional 4,345 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Pagaya Technologies during the 4th quarter worth approximately $93,000. Hedge funds and other 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.