Pagaya Technologies (NASDAQ:PGY) Sees Strong Trading Volume – Here’s What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY) shares saw unusually-high trading volume on Monday . Approximately 1,092,906 shares were traded during mid-day trading, a decline of 36% from the previous session’s volume of 1,710,577 shares.The stock last traded at $12.73 and had previously closed at $12.50.

Analysts Set New Price Targets

PGY has been the topic of a number of research analyst reports. UBS Group initiated coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They issued a “neutral” rating and a $11.00 price target on the stock. Benchmark reiterated a “buy” rating and set a $21.00 target price on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Canaccord Genuity Group cut their target price on shares of Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, Citigroup upgraded shares of 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 research report on Friday, February 7th. 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.com, Pagaya Technologies has an average rating of “Moderate Buy” and an average target price of $20.06.

Pagaya Technologies Stock Performance

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The stock’s 50-day moving average price is $9.63 and its 200-day moving average price is $11.13.

Insider Transactions at Pagaya Technologies

In other news, CFO Evangelos Perros sold 21,305 shares of Pagaya Technologies stock in a transaction 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 in the company, valued at $538,669.13. The trade was a 28.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tami Rosen sold 21,547 shares of Pagaya Technologies stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $214,823.59. Following the completion of the sale, the insider now owns 73,550 shares of the company’s stock, valued at $733,293.50. This represents a 22.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,323 shares of company stock worth $674,844. Company insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

Several institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in Pagaya Technologies by 310.6% during the fourth 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 last quarter. Point72 Asset Management L.P. lifted its holdings in Pagaya Technologies by 4,374.9% during the third quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after purchasing an additional 304,890 shares during the last quarter. Arizona PSPRS Trust bought a new stake in shares of Pagaya Technologies during the third quarter valued at about $2,183,000. Millennium Management LLC increased its position 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 buying an additional 179,235 shares during the period. Finally, State Street Corp increased its position in shares of Pagaya Technologies by 14.6% during the third quarter. State Street Corp now owns 763,823 shares of the company’s stock valued at $8,074,000 after buying an additional 97,135 shares during the period. 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.