Pagaya Technologies (NASDAQ:PGY) Trading Up 8.1% – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY) shares shot up 8.1% during mid-day trading on Monday . The stock traded as high as $21.74 and last traded at $21.58. 1,174,893 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 3,588,962 shares. The stock had previously closed at $19.97.

Key Pagaya Technologies News

Here are the key news stories impacting Pagaya Technologies this week:

• Positive Sentiment: Pagaya’s AI-driven lending platform is reportedly gaining scale, supported by record network volume, continued growth in its auto-finance business and expanded funding capacity. These trends could improve profitability and strengthen the company’s outlook. Pagaya’s AI Lending Flywheel Gains Speed
• Positive Sentiment: Wall Street sentiment remains favorable. Recent analyst actions cited in the coverage include higher price targets and buy or strong-buy ratings, with a reported consensus target of $31.25, well above the company’s recent trading range. Pagaya Technologies analyst coverage
• Neutral Sentiment: A comparison with Enova International highlights the broader challenges facing technology-enabled lenders, including elevated borrowing costs and cautious lending standards. The comparison provides sector context but is not a direct new catalyst for PGY. PGY versus ENVA
• Negative Sentiment: PGY recently declined more sharply than the broader market, underscoring the stock’s considerable volatility; its beta is 5.35. The report did not identify a specific new fundamental deterioration. Pagaya Technologies market performance
• Negative Sentiment: President Sanjiv Das sold 13,301 shares and Director Tami Rosen sold 7,121 shares at $20.21 per share. Both transactions were made to cover tax withholding on vested equity awards, making them less concerning than discretionary sales, but the insider-selling activity may still weigh on sentiment. Pagaya Technologies insider filing

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Jefferies Financial Group increased their target price on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. TD Cowen initiated coverage on shares of Pagaya Technologies in a research report on Thursday, September 3rd. They set a “buy” rating and a $26.00 price target on the stock. B. Riley Financial lifted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Zacks Research raised Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $31.25.

Pagaya Technologies Stock Down 2.1%

The firm’s fifty day moving average is $20.04 and its 200 day moving average is $15.89. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08. The firm has a market cap of $1.76 billion, a P/E ratio of 15.47 and a beta of 5.35.

Insider Buying and Selling at Pagaya Technologies

In other news, President Sanjiv Das sold 13,301 shares of the company’s stock in a transaction that occurred on Saturday, September 12th. The shares were sold at an average price of $20.21, for a total transaction of $268,813.21. Following the completion of the sale, the president owned 154,635 shares of the company’s stock, valued at approximately $3,125,173.35. This represents a 7.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Tami Rosen sold 7,121 shares of the company’s stock in a transaction on Saturday, September 12th. The stock was sold at an average price of $20.21, for a total value of $143,915.41. Following the sale, the director owned 23,904 shares of the company’s stock, valued at approximately $483,099.84. This represents a 22.95% decrease in their ownership of the stock. 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 96,559 shares of company stock valued at $1,925,537 in the last quarter. Company insiders own 41.99% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGY. Allspring Global Investments Holdings LLC grew its holdings in Pagaya Technologies by 141.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company’s stock worth $12,040,000 after acquiring an additional 602,992 shares during the period. Q Global Advisors LLC raised its holdings in shares of Pagaya Technologies by 324.8% during the first quarter. Q Global Advisors LLC now owns 537,551 shares of the company’s stock valued at $6,262,000 after purchasing an additional 410,996 shares during the period. Edgestream Partners L.P. boosted its position in shares of Pagaya Technologies by 353.2% during the 1st quarter. Edgestream Partners L.P. now owns 373,771 shares of the company’s stock worth $4,354,000 after purchasing an additional 291,291 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Pagaya Technologies by 211.0% during the 1st quarter. Principal Financial Group Inc. now owns 375,212 shares of the company’s stock worth $4,371,000 after purchasing an additional 254,550 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in shares of Pagaya Technologies by 614.7% in the 2nd quarter. Squarepoint Ops LLC now owns 252,036 shares of the company’s stock valued at $4,600,000 after buying an additional 216,770 shares during the period. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company’s Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.