Pagaya Technologies (NASDAQ:PGY) Cut to “Hold” at Wall Street Zen

Pagaya Technologies (NASDAQ:PGY) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

Several other equities analysts have also recently commented on the stock. B. Riley reaffirmed a “buy” rating and set a $36.00 price target on shares of Pagaya Technologies in a research report on Monday, March 17th. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Pagaya Technologies in a research report on Monday, March 17th. JMP Securities reaffirmed a “market outperform” rating and set a $26.00 price target on shares of Pagaya Technologies in a research report on Tuesday, June 24th. Stephens started coverage on shares of Pagaya Technologies in a research note on Thursday, June 12th. They set an “overweight” rating and a $22.00 price objective on the stock. Finally, Oppenheimer raised their target price on shares of Pagaya Technologies from $16.00 to $25.00 and gave the stock an “outperform” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.94.

Pagaya Technologies Stock Performance

Shares of PGY stock opened at $22.15 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.79 and a current ratio of 1.79. Pagaya Technologies has a one year low of $8.20 and a one year high of $23.45. The company’s 50-day simple moving average is $16.57 and its 200-day simple moving average is $12.66. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of -4.37 and a beta of 5.93.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, insider Tami Rosen sold 14,645 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $22.57, for a total value of $330,537.65. Following the transaction, the insider owned 49,440 shares of the company’s stock, valued at $1,115,860.80. This trade represents a 22.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Avital Pardo sold 239,989 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $19.65, for a total transaction of $4,715,783.85. Following the completion of the sale, the chief technology officer owned 802,961 shares in the company, valued at $15,778,183.65. The trade was a 23.01% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,345,470 shares of company stock worth $24,118,452. Insiders own 47.59% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its stake in shares of Pagaya Technologies by 1,249.2% in the fourth quarter. BNP Paribas Financial Markets now owns 131,637 shares of the company’s stock valued at $1,223,000 after purchasing an additional 121,880 shares during the period. Barclays PLC acquired a new stake in shares of Pagaya Technologies in the fourth quarter valued at approximately $595,000. Rhumbline Advisers increased its stake in shares of Pagaya Technologies by 14.7% in the fourth quarter. Rhumbline Advisers now owns 75,620 shares of the company’s stock valued at $703,000 after purchasing an additional 9,674 shares during the period. Bank of America Corp DE increased its stake in shares of Pagaya Technologies by 9.7% in the fourth quarter. Bank of America Corp DE now owns 144,097 shares of the company’s stock valued at $1,339,000 after purchasing an additional 12,760 shares during the period. Finally, American Century Companies Inc. acquired a new stake in shares of Pagaya Technologies in the fourth quarter valued at approximately $382,000. Institutional investors and hedge funds 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.