Millennium Management LLC Purchases 179,235 Shares of Pagaya Technologies Ltd. (NASDAQ:PGY)

Millennium Management LLC boosted its position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) by 455.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 218,549 shares of the company’s stock after buying an additional 179,235 shares during the quarter. Millennium Management LLC’s holdings in Pagaya Technologies were worth $2,789,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Pagaya Technologies in the 1st quarter valued at approximately $12,686,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Pagaya Technologies by 14.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 675,064 shares of the company’s stock worth $6,818,000 after acquiring an additional 83,913 shares in the last quarter. Quadrature Capital Ltd boosted its holdings in shares of Pagaya Technologies by 3,558.5% in the 4th quarter. Quadrature Capital Ltd now owns 784,860 shares of the company’s stock worth $1,079,000 after acquiring an additional 763,407 shares in the last quarter. ARK Investment Management LLC boosted its holdings in shares of Pagaya Technologies by 36.2% in the 2nd quarter. ARK Investment Management LLC now owns 221,810 shares of the company’s stock worth $2,830,000 after acquiring an additional 58,939 shares in the last quarter. Finally, Sei Investments Co. acquired a new position in shares of Pagaya Technologies in the 1st quarter worth approximately $1,101,000. 57.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PGY has been the topic of several recent analyst reports. Canaccord Genuity Group reduced their target price on Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, September 30th. JMP Securities reissued a “market outperform” rating and issued a $25.00 target price on shares of Pagaya Technologies in a report on Tuesday, September 3rd. Wedbush reissued a “neutral” rating and issued a $13.00 target price on shares of Pagaya Technologies in a report on Monday, August 12th. Benchmark initiated coverage on Pagaya Technologies in a report on Monday, August 26th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, Oppenheimer initiated coverage on Pagaya Technologies in a report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.89.

Pagaya Technologies Stock Up 3.1 %

NASDAQ:PGY opened at $11.11 on Tuesday. The stock’s fifty day moving average price is $12.19 and its two-hundred day moving average price is $12.06. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market cap of $787.70 million, a price-to-earnings ratio of -7.88 and a beta of 6.36. Pagaya Technologies Ltd. has a 52-week low of $8.56 and a 52-week high of $20.50.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.11). Pagaya Technologies had a negative net margin of 14.58% and a negative return on equity of 3.10%. The firm had revenue of $250.34 million during the quarter, compared to the consensus estimate of $239.16 million. On average, analysts anticipate that Pagaya Technologies Ltd. will post -0.15 EPS for the current year.

Insider Activity at Pagaya Technologies

In related news, CFO Evangelos Perros sold 24,171 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total value of $327,517.05. Following the completion of the sale, the chief financial officer now owns 23,791 shares in the company, valued at $322,368.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Pagaya Technologies news, CFO Evangelos Perros sold 24,171 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 23,791 shares in the company, valued at approximately $322,368.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Yahav Yulzari bought 23,600 shares of the stock in a transaction on Monday, September 30th. The shares were purchased at an average price of $10.52 per share, with a total value of $248,272.00. Following the acquisition, the insider now owns 311,637 shares in the company, valued at approximately $3,278,421.24. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 55,659 shares of company stock worth $816,277 in the last quarter. Corporate insiders own 19.70% 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.