Clal Pension & Provident Funds Lt recently announced the acquisition of new stake in Pagaya Technologies Ltd. (NASDAQ:PGY). The institutional investor has increased its shareholding in the Technology company by 4.77% to 42.0 million shares with purchase of 1.91 million shares. This fresh investment now brings its stake to 8.30% valued currently at $43.26 million. In addition, GIC Pte Ltd. raised its holdings by 29.22 million to 29.22 million shares. And JPMorgan Securities LLC has lifted its position by 299,769.23% or 0.58 million shares – to 0.58 million shares.
With over 4.04 million Pagaya Technologies Ltd. (PGY) shares trading Tuesday and a closing price of $1.13 on the day, the dollar volume was approximately $4.56 million. The shares have shown a negative half year performance of -89.87% and its price on 03/14/23 gained nearly 22.84%. Currently, there are 681.07M common shares owned by the public and among those 451.76M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for PGY have a consensus price objective of $2.09. The analysts have set the share’s price value over the next 12 months at a high of $3.00 and a low of $1.35. The average price target is 45.93% above its recent price level and an upside to the estimated low will see the stock gain 16.3% over that period. But an upside of 62.33% will see the stock hit the forecast high price target while median target price for the stock is $2.00.
The top 3 mutual fund holders in Pagaya Technologies Ltd. are BlueStar TA-BIGITech Israel Techn, Global X FinTech ETF, and Fidelity Nasdaq Composite Index F. BlueStar TA-BIGITech Israel Techn owns 0.71 million shares of the company’s stock, all valued at over $0.73 million. Fidelity Nasdaq Composite Index F now owns shares totaling to 0.04% of the shares outstanding.
However, the script later moved the day high at 1.1900, up 22.84%. The company’s stock has a 5-day price change of 8.65% and 54.79% over the past three months. PGY shares are trading -8.87% year to date (YTD), with the 12-month market performance down to -88.55% lower. It has a 12-month low price of $0.57 and touched a high of $34.50 over the same period. PGY has an average intraday trading volume of 3.44 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.08%, 2.35%, and -78.84% respectively.
Institutional ownership of Pagaya Technologies Ltd. (NASDAQ: PGY) shares accounts for 42.20% of the company’s 681.07M shares outstanding. Mutual fund holders own 0.43%, while other institutional holders and individual stakeholders account for 31.80% and — respectively.
It has a market capitalization of $801.51M. The earnings-per-share (ttm) stands at -$0.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 11.19% over the week and 12.12% over the month.
Analysts forecast that Pagaya Technologies Ltd. (PGY) will achieve an EPS of -$0.08 for the current quarter, -$0.07 for the next quarter and -$0.17 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.09 while analysts give the company a high EPS estimate of -$0.06. Earnings per share for the fiscal year are expected to increase by 87.00%, and 88.90% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Pagaya Technologies Ltd. (PGY) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 3 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PGY, a number of firms have released research notes about the stock. Canaccord Genuity stated their Buy rating for the stock in a research note on February 16, 2023, with the firm’s price target at $1.50-$3. UBS coverage for the Pagaya Technologies Ltd. (PGY) stock in a research note released on January 13, 2023 offered a Neutral rating with a price target of $1.25. Canaccord Genuity was of a view on December 14, 2022 that the stock is Hold, while Wedbush gave the stock Neutral rating on October 12, 2022, issuing a price target of $2. MoffettNathanson on their part issued Market Perform rating on September 12, 2022.
