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Are Pagaya Technologies Ltd. (NASDAQ: PGY) Shares Ready For A Higher Price Run?

In the last trading session, 9.39 million shares of the Pagaya Technologies Ltd. (NASDAQ:PGY) were traded. Most recently the company’s share price was $1.06, and it changed around -$0.06 or -5.36% from the last close, which brings the market valuation of the company to $758.61M. PGY currently trades at a discount to its 52-week high of $34.50, offering almost -3154.72% off that amount. The share price’s 52-week low was $0.57, which indicates that the current value has risen by an impressive 46.23% since then. We note from Pagaya Technologies Ltd.’s average daily trading volume that its 10-day average is 3.25 million shares, with the 3-month average coming to 1.79 million.

Pagaya Technologies Ltd. stock received a consensus recommendation rating of an Overweight, based on a mean score of 2.40. If we narrow it down even further, the data shows that 0 out of 5 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 3 recommended PGY as a Hold, whereas 2 deemed it a Buy, and 0 rated it as Underweight. Pagaya Technologies Ltd. is expected to report earnings per share of -$0.02 for the current quarter.

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Pagaya Technologies Ltd. (NASDAQ:PGY) trade information

Instantly PGY has showed a red trend with a performance of -5.36% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of 1.2600 on Tuesday, 05/23/23 increased the stock’s daily price by 15.87%. The company’s shares are currently down -14.52% year-to-date, but still up 28.78% over the last five days. On the other hand, Pagaya Technologies Ltd. (NASDAQ:PGY) is 26.92% up in the 30-day period. We can see from the shorts that 3.84 million shares have been sold at a short interest cover period of 3.26 day(s).

The consensus price target as assigned by Wall Street analysts is $1.82, which translates to bulls needing to increase their stock price by 41.76% from its current value. Analyst projections state that PGY is forecast to be at a low of $1.00 and a high of $3.00. In order for the stock price to hit the forecast high, the stock would need to plunge -183.02% from its current level, while the stock would need to crash 5.66% from its current level to reach the projected low.

Pagaya Technologies Ltd. (PGY) estimates and forecasts

Pagaya Technologies Ltd. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 2.91 percent over the past six months and at a 142.86% annual growth rate that is well above the industry average of 17.90%. The year-over-year growth rate is expected to be 6.60%, up from the previous year.

Consensus estimates provided by 5 financial analysts predict the company will bring in an average of $187.42 million in revenue for the current quarter. 5 analysts expect Pagaya Technologies Ltd. to make $204.97 million in revenue for the quarter ending Sep 2023. Forecasts for the next quarter put sales growth at 14.00%.

PGY Dividends

Pagaya Technologies Ltd.’s next quarterly earnings report is expected to be released in June.

Pagaya Technologies Ltd. (NASDAQ:PGY)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 26.01% of Pagaya Technologies Ltd. shares, and 51.67% of them are in the hands of institutional investors. The stock currently has a share float of 69.83%. Pagaya Technologies Ltd. stock is held by 50 institutions, with Viola Ventures V.c. Management 4 Ltd. being the largest institutional investor. By Mar 30, 2023, it held 18.50% of the shares, which is about 98.11 million shares worth $104.0 million.

Tiger Global Management, LLC, with 8.23% or 43.63 million shares worth $46.25 million as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

ETF Managers Tr-BlueStar TA-BIGI Tech Israel Technology ETF and Global X Fds-Global X FinTech Thematic ETF were the top two Mutual Funds as of Dec 30, 2022. The former held 0.74 million shares worth $0.78 million, making up 0.14% of all outstanding shares. On the other hand, Global X Fds-Global X FinTech Thematic ETF held roughly 0.67 million shares worth around $0.71 million, which represents about 0.13% of the total shares outstanding.

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