Pagaya Technologies (NASDAQ:PGY) Shares Up 9.1% – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY) shares shot up 9.1% during mid-day trading on Tuesday . The stock traded as high as $17.87 and last traded at $18.1390. 1,189,260 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 3,902,558 shares. The stock had previously closed at $16.63.

Analyst Ratings Changes

A number of research analysts have commented on PGY shares. Zacks Research raised shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 price target on shares of Pagaya Technologies in a research note on Monday, May 18th. Finally, Texas Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Pagaya Technologies currently has an average rating of “Buy” and a consensus target price of $35.86.

Pagaya Technologies Stock Performance

The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25. The firm has a 50-day moving average price of $14.60 and a 200 day moving average price of $15.78. The firm has a market capitalization of $1.56 billion, a PE ratio of 17.54 and a beta of 5.31.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) earnings per share (EPS) for the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. The firm had revenue of $91.63 million during the quarter. Research analysts expect that Pagaya Technologies Ltd. will post 2.92 earnings per share for the current year.

Insider Buying and Selling

In other Pagaya Technologies news, CAO Cory Vieira sold 2,140 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total transaction of $32,121.40. Following the sale, the chief accounting officer directly owned 18,179 shares in the company, valued at $272,866.79. This represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Sanjiv Das sold 14,000 shares of the stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $15.83, for a total transaction of $221,620.00. Following the sale, the president directly owned 165,475 shares in the company, valued at $2,619,469.25. This represents a 7.80% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 67,810 shares of company stock worth $1,070,925 over the last 90 days. 47.59% of the stock is owned by insiders.

Institutional Investors Weigh In On Pagaya Technologies

Several large investors have recently added to or reduced their stakes in the business. Root Financial Partners LLC acquired a new stake in Pagaya Technologies during the 4th quarter worth approximately $27,000. Aster Capital Management DIFC Ltd grew its stake in shares of Pagaya Technologies by 351.9% in 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 in the last quarter. Transamerica Financial Advisors LLC acquired a new position in shares of Pagaya Technologies in the fourth quarter worth $30,000. Quarry LP increased its position in shares of Pagaya Technologies by 330.8% during the fourth quarter. Quarry LP now owns 1,663 shares of the company’s stock worth $35,000 after acquiring an additional 1,277 shares during the period. Finally, Empowered Funds LLC purchased a new stake in shares of Pagaya Technologies during the fourth quarter worth $52,000. 57.14% of the stock is owned by hedge funds and other institutional investors.

About Pagaya Technologies

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.