Short Interest in Pagaya Technologies Ltd. (NASDAQ:PGY) Declines By 28.0%

Pagaya Technologies Ltd. (NASDAQ:PGY) was the recipient of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 1,750,000 shares, a decrease of 28.0% from the August 31st total of 2,430,000 shares. Based on an average daily trading volume, of 1,160,000 shares, the short-interest ratio is presently 1.5 days. Currently, 5.1% of the shares of the company are short sold.

Pagaya Technologies Price Performance

Pagaya Technologies stock traded up $0.31 during trading hours on Friday, reaching $9.96. 7,607,682 shares of the stock were exchanged, compared to its average volume of 1,241,179. The stock has a 50 day moving average of $13.08 and a two-hundred day moving average of $12.10. The company has a market cap of $706.16 million, a P/E ratio of -7.06 and a beta of 6.41. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72. Pagaya Technologies has a twelve month low of $8.56 and a twelve month high of $20.50.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.11). Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. The firm had revenue of $250.34 million for the quarter, compared to analyst estimates of $239.16 million. Equities analysts expect that Pagaya Technologies will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PGY shares. Wedbush reissued a “neutral” rating and set a $13.00 target price on shares of Pagaya Technologies in a report on Monday, August 12th. Benchmark started coverage on shares of Pagaya Technologies in a research report on Monday, August 26th. They set a “buy” rating and a $21.00 price target on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Pagaya Technologies in a report on Monday, June 17th. They issued an “outperform” rating and a $23.00 price objective for the company. JMP Securities restated a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $42.00 price target on shares of Pagaya Technologies in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Pagaya Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, CFO Evangelos Perros sold 24,171 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $13.55, for a total transaction of $327,517.05. Following the completion of the sale, the chief financial officer now owns 23,791 shares of the company’s stock, valued at approximately $322,368.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, President Sanjiv Das sold 10,794 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $14.57, for a total transaction of $157,268.58. Following the completion of the sale, the president now owns 66,232 shares in the company, valued at $965,000.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Evangelos Perros sold 24,171 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $13.55, for a total value of $327,517.05. Following the sale, the chief financial officer now directly owns 23,791 shares of the company’s stock, valued at $322,368.05. The disclosure for this sale can be found here. Insiders have sold 68,203 shares of company stock worth $995,963 over the last 90 days. Company insiders own 19.70% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC grew its holdings in shares of Pagaya Technologies by 50.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 43,813 shares of the company’s stock valued at $559,000 after purchasing an additional 14,629 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Pagaya Technologies in the second quarter valued at approximately $187,000. Millennium Management LLC grew its stake 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 worth $2,789,000 after buying an additional 179,235 shares during the last quarter. Yarra Square Partners LP increased its holdings in shares of Pagaya Technologies by 29.9% during the second quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock worth $7,903,000 after buying an additional 142,500 shares in the last quarter. Finally, Divisadero Street Capital Management LP bought a new position in shares of Pagaya Technologies in the 2nd quarter valued at $2,273,000. 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.