UBS Group Begins Coverage on Pagaya Technologies (NASDAQ:PGY)

Equities researchers at UBS Group began coverage on shares of Pagaya Technologies (NASDAQ:PGY) in a research report issued on Friday. The firm set a “neutral” rating and a $11.00 price target on the stock. UBS Group’s price target suggests a potential upside of 26.29% from the company’s previous close.

A number of other research analysts have also recently commented on PGY. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Tuesday, September 3rd. Canaccord Genuity Group lowered their target price on shares of Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. B. Riley dropped their target price on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Pagaya Technologies in a report on Wednesday, October 16th. Finally, Oppenheimer began coverage on shares of Pagaya Technologies in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Pagaya Technologies Price Performance

Shares of Pagaya Technologies stock opened at $8.71 on Friday. The company has a market capitalization of $641.54 million, a price-to-earnings ratio of -3.43 and a beta of 6.11. 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’s 50-day simple moving average is $10.80 and its 200-day simple moving average is $12.04. Pagaya Technologies has a 52 week low of $8.20 and a 52 week high of $20.04.

Insiders Place Their Bets

In related news, insider Yahav Yulzari purchased 23,600 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $10.52 per share, for a total transaction of $248,272.00. Following the acquisition, the insider now owns 311,637 shares of the company’s stock, valued at approximately $3,278,421.24. This represents a 8.19 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Tami Rosen sold 7,659 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $12.00, for a total value of $91,908.00. Following the completion of the sale, the insider now owns 65,857 shares of the company’s stock, valued at approximately $790,284. This represents a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 186,045 shares of company stock valued at $2,755,982 in the last three months. Corporate insiders own 49.56% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

A number of large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. boosted its holdings in Pagaya Technologies by 4,374.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after acquiring an additional 304,890 shares during the period. Arizona PSPRS Trust bought a new stake in shares of Pagaya Technologies during the third quarter worth $2,183,000. Millennium Management LLC boosted its stake in shares of Pagaya Technologies by 455.9% during the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock valued at $2,789,000 after purchasing an additional 179,235 shares during the period. Divisadero Street Capital Management LP bought a new position in shares of Pagaya Technologies in the second quarter worth about $2,273,000. Finally, Yarra Square Partners LP increased its stake in Pagaya Technologies by 29.9% in the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock worth $7,903,000 after buying an additional 142,500 shares during the period. 57.14% of the stock is owned by hedge funds and other institutional investors.

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.