Pagaya Technologies (NASDAQ:PGY) Shares Gap Up After Analyst Upgrade

Posted by on Aug 13th, 2023

Pagaya Technologies Ltd. (NASDAQ:PGY – Get Free Report)’s stock price gapped up before the market opened on Friday after Wedbush raised their price target on the stock from $1.50 to $3.00. The stock had previously closed at $2.31, but opened at $2.57. Wedbush currently has a neutral rating on the stock. Pagaya Technologies shares last traded at $2.67, with a volume of 5,784,119 shares changing hands.

A number of other research firms also recently weighed in on PGY. B. Riley started coverage on shares of Pagaya Technologies in a research note on Wednesday, July 26th. They issued a “buy” rating and a $4.00 price target on the stock. Benchmark upped their price target on shares of Pagaya Technologies from $2.00 to $6.00 and gave the stock a “buy” rating in a research note on Tuesday, August 8th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Pagaya Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.89.

View Our Latest Stock Analysis on PGY

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Citigroup Inc. acquired a new position in Pagaya Technologies in the fourth quarter worth about $329,000. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Pagaya Technologies by 117.1% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 28,635 shares of the company’s stock worth $29,000 after buying an additional 15,444 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Pagaya Technologies during the first quarter worth approximately $51,000. Clal Insurance Enterprises Holdings Ltd increased its holdings in shares of Pagaya Technologies by 4.8% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 42,002,141 shares of the company’s stock worth $52,083,000 after buying an additional 1,911,172 shares in the last quarter. Finally, JTC Employer Solutions Trustee Ltd increased its holdings in shares of Pagaya Technologies by 26.6% during the second quarter. JTC Employer Solutions Trustee Ltd now owns 1,132,684 shares of the company’s stock worth $1,178,000 after buying an additional 237,838 shares in the last quarter. Institutional investors and hedge funds own 54.03% of the company’s stock.

Pagaya Technologies Trading Up 14.7 %

The company has a market cap of $1.88 billion, a price-to-earnings ratio of -9.14 and a beta of 7.83. The company’s fifty day moving average price is $1.74 and its two-hundred day moving average price is $1.28. The company has a quick ratio of 4.17, a current ratio of 4.17 and a debt-to-equity ratio of 0.30.

Pagaya Technologies (NASDAQ:PGY – Get Free Report) last issued its quarterly earnings results on Tuesday, May 16th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). The company had revenue of $186.64 million during the quarter, compared to analyst estimates of $178.00 million. Pagaya Technologies had a negative net margin of 26.78% and a negative return on equity of 11.01%. Research analysts expect that Pagaya Technologies Ltd. will post -0.14 earnings per share for the current year.

About Pagaya Technologies

(Get Free Report)

Pagaya Technologies Ltd. operates as a financial technology company in Israel, the United States, and internationally. It primarily develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets. The company's partners include high-growth financial technology companies, incumbent banks and financial institutions, auto finance providers, and residential real estate service providers.

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