Pagaya Technologies (NASDAQ:PGY) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Pagaya Technologies (NASDAQ:PGY) from a neutral rating to a buy rating in a report released on Friday, MarketBeat reports. Citigroup currently has $14.50 price target on the stock, up from their prior price target of $13.00.

A number of other analysts have also recently issued reports on PGY. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Pagaya Technologies in a report on Wednesday, October 16th. UBS Group assumed coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective for the company. Finally, 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 research note on Wednesday, November 13th. 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.06.

Pagaya Technologies Trading Up 12.9 %

NASDAQ:PGY opened at $12.50 on Friday. Pagaya Technologies has a 1 year low of $8.20 and a 1 year high of $20.00. The stock’s fifty day moving average price is $9.56 and its two-hundred day moving average price is $11.21. 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 company has a market cap of $920.75 million, a P/E ratio of -4.92 and a beta of 6.09.

Insider Activity

In related 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 transaction, the chief financial officer now owns 54,029 shares in the company, valued at $538,669.13. This trade represents a 28.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yahav Yulzari sold 150,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $15.50, for a total transaction of $2,325,000.00. Following the sale, the insider now owns 161,637 shares of the company’s stock, valued at approximately $2,505,373.50. The trade was a 48.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 216,323 shares of company stock worth $2,999,844. 49.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pagaya Technologies

Several institutional investors have recently added to or reduced their stakes in PGY. Point72 Asset Management L.P. lifted its position in shares of Pagaya Technologies by 4,374.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock worth $3,296,000 after purchasing an additional 304,890 shares during the period. Arizona PSPRS Trust purchased a new position in shares of Pagaya Technologies during the 3rd quarter worth approximately $2,183,000. Millennium Management LLC raised its position in shares of Pagaya Technologies by 455.9% in the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after acquiring an additional 179,235 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Pagaya Technologies by 502.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company’s stock valued at $1,610,000 after purchasing an additional 127,012 shares during the period. Finally, State Street Corp boosted 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 purchasing an additional 97,135 shares in the last quarter. Hedge funds and other 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.