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

Pagaya Technologies Ltd. (NASDAQ:PGY) was the target of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 1,750,000 shares, a decline of 28.0% from the August 31st total of 2,430,000 shares. Currently, 5.1% of the company’s stock are sold short. Based on an average daily trading volume, of 1,160,000 shares, the days-to-cover ratio is currently 1.5 days.

Pagaya Technologies Price Performance

Shares of PGY traded up $0.31 during mid-day trading on Friday, reaching $9.96. The company had a trading volume of 7,607,682 shares, compared to its average volume of 1,241,179. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.50 and a quick ratio of 1.50. The company has a market capitalization of $706.16 million, a P/E ratio of -7.06 and a beta of 6.41. Pagaya Technologies has a twelve month low of $8.56 and a twelve month high of $20.50. The company’s 50-day moving average is $13.08 and its 200-day moving average is $12.10.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings data 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 company had revenue of $250.34 million for the quarter, compared to analyst estimates of $239.16 million. On average, equities analysts anticipate that Pagaya Technologies will post -0.11 EPS for the current year.

Insider Activity

In other Pagaya Technologies news, CTO Avital Pardo sold 11,601 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $15.83, for a total value of $183,643.83. Following the completion of the sale, the chief technology officer now directly owns 433,125 shares of the company’s stock, valued at $6,856,368.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Pagaya Technologies news, CTO Avital Pardo sold 11,601 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $15.83, for a total transaction of $183,643.83. Following the transaction, the chief technology officer now owns 433,125 shares in the company, valued at $6,856,368.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Evangelos Perros sold 24,171 shares of Pagaya Technologies 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 transaction, the chief financial officer now owns 23,791 shares in the company, valued at approximately $322,368.05. The disclosure for this sale can be found here. Insiders sold a total of 68,203 shares of company stock worth $995,963 in the last three months. 19.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of PGY. nVerses Capital LLC bought a new stake in Pagaya Technologies during the 2nd quarter worth about $74,000. SG Americas Securities LLC acquired a new position in shares of Pagaya Technologies during the second quarter worth about $101,000. Cornerstone Investment Partners LLC bought a new position in shares of Pagaya Technologies during the 1st quarter worth approximately $158,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Pagaya Technologies in the second quarter valued at $166,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Pagaya Technologies in the 2nd quarter valued at about $187,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

Analysts Set New Price Targets

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

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.