Pagaya Technologies (NASDAQ:PGY) Shares Gap Up – Time to Buy?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price gapped up before the market opened 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.

Wall Street Analysts Forecast Growth

PGY has been the subject of several analyst reports. JMP Securities upped their price objective on Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Friday, February 14th. Canaccord Genuity Group restated a “buy” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research report on Thursday, February 13th. Citigroup upgraded shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $13.00 to $14.50 in a research note on Friday, February 7th. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Pagaya Technologies in a research report on Monday, March 17th. Finally, UBS Group assumed coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They issued a “neutral” rating and a $11.00 price objective on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.61.

Pagaya Technologies Trading Down 3.1 %

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 business’s 50 day moving average is $11.40 and its 200-day moving average is $10.92. The firm has a market cap of $881.88 million, a P/E ratio of -2.18 and a beta of 5.98.

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

Insiders Place Their Bets

In related news, insider Tami Rosen sold 21,547 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 $214,823.59. Following the completion of the transaction, the insider now owns 73,550 shares in the company, valued at $733,293.50. The trade was a 22.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Evangelos Perros sold 21,305 shares of the stock in a transaction on Thursday, January 2nd. The stock was 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 directly owns 54,029 shares in the company, valued at $538,669.13. This represents a 28.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,692 shares of company stock valued at $1,205,379. Company insiders own 49.56% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Hedge funds have recently made changes to their positions in the business. R Squared Ltd bought a new stake in Pagaya Technologies during the 4th quarter valued at $30,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Pagaya Technologies during the fourth quarter valued at $43,000. Nisa Investment Advisors LLC bought a new stake in shares of Pagaya Technologies during the fourth quarter valued at about $57,000. KLP Kapitalforvaltning AS bought a new position in Pagaya Technologies in the 4th quarter valued at about $67,000. Finally, Jefferies Financial Group Inc. acquired a new position in Pagaya Technologies during the 4th quarter valued at about $93,000. Institutional investors own 57.14% of the company’s stock.

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.