Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY) gapped up prior to trading on Wednesday . The stock had previously closed at $12.36, but opened at $12.61. Pagaya Technologies shares last traded at $11.97, with a volume of 280,009 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PGY shares. Citigroup upgraded Pagaya Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $13.00 to $14.50 in a report on Friday, February 7th. B. Riley reiterated a “buy” rating and issued a $36.00 target price on shares of Pagaya Technologies in a research report on Monday, March 17th. JMP Securities upped their price target on Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Friday, February 14th. Benchmark reiterated a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, UBS Group began coverage on shares of Pagaya Technologies in a report on Friday, December 20th. They issued a “neutral” rating and a $11.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $20.61.

Pagaya Technologies Stock Performance

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 has a fifty day simple moving average of $11.40 and a 200-day simple moving average of $10.92. The company has a market capitalization of $881.88 million, a P/E ratio of -2.18 and a beta of 5.98.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.32). The firm had revenue of $279.39 million during the quarter, compared to analyst estimates of $264.28 million. Pagaya Technologies had a negative net margin of 39.20% and a positive return on equity of 0.82%. During the same quarter last year, the firm earned $0.24 earnings per share. Equities analysts forecast that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Insider Buying and Selling at Pagaya Technologies

In related news, CFO Evangelos Perros sold 21,305 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $212,410.85. Following the completion of the sale, the chief financial officer now owns 54,029 shares of the company’s stock, valued at $538,669.13. This trade represents a 28.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Sanjiv Das sold 6,343 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $63,239.71. Following the completion of the transaction, the president now owns 75,528 shares of the company’s stock, valued at $753,014.16. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,692 shares of company stock worth $1,205,379. 49.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Frontier Capital Management Co. LLC acquired a new stake in shares of Pagaya Technologies during the 4th quarter worth approximately $28,070,000. Point72 Asset Management L.P. grew its holdings in Pagaya Technologies by 284.3% during the 4th quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company’s stock worth $11,133,000 after acquiring an additional 886,539 shares during the period. Two Sigma Investments LP raised its position in shares of Pagaya Technologies by 359.6% during the 4th quarter. Two Sigma Investments LP now owns 826,119 shares of the company’s stock valued at $7,675,000 after acquiring an additional 646,357 shares during the last quarter. State Street Corp lifted its stake in shares of Pagaya Technologies by 14.6% in the 3rd quarter. State Street Corp now owns 763,823 shares of the company’s stock valued at $8,074,000 after purchasing an additional 97,135 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Pagaya Technologies by 310.6% in the 4th quarter. JPMorgan Chase & Co. now owns 625,351 shares of the company’s stock valued at $5,810,000 after purchasing an additional 473,063 shares during the period. 57.14% of the stock is currently owned by institutional investors and hedge funds.

About Pagaya Technologies

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.