Things To Consider When Buying Pagaya Technologies Ltd (NASDAQ:PGY) Shares

Pagaya Technologies Ltd (NASDAQ:PGY) price on current trading day, rose 0.50% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $9.99.

A look at the stock’s price movement, the close in the last trading session was $9.94, moving within a range at $9.73 and $10.0799. The beta value (5-Year monthly) was 6.446. Turning to its 52-week performance, $20.50 and $8.56 were the 52-week high and 52-week low respectively. Overall, PGY moved -27.71% over the past month.

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Pagaya Technologies Ltd’s market cap currently stands at around $717.48 million, with investors looking forward to this quarter’s earnings report slated for in November.

Analysts have a consensus estimate of 255.23M for the company’s revenue for the quarter, with a low and high estimate of 252.8M and 259.2M respectively. The average forecast suggests up to a 28.70% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 1.02B, representing a 31.60% jump on that reported in the last financial year.

Turning to the stock’s technical picture we see that short term indicators suggest on average that PGY is a 100% Sell. On the other hand, the stock is on average a Hold as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.

13 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 3 analyst(s) rate the stock as a Hold, 10 recommend PGY as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.

PGY’s current price about -16.02% and -22.45% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 36.61, while 7-day volatility ratio is 8.39% and 6.65% in the 30-day chart. Further, Pagaya Technologies Ltd (PGY) has a beta value of 6.39, and an average true range (ATR) of 0.91. Analysts have given the company’s stock an average 52-week price target of $11.25, forecast between a low of $1.25 and high of $25. Looking at the price targets, the low is 87.49% off current price level while to achieve the yearly target high, price needs to move -150.25%. Nonetheless, investors will most likely welcome a -12.61% jump to $11.25 which is the analysts’ median price.

If we refocus on Pagaya Technologies Ltd (NASDAQ:PGY), historical trading data shows that trading volumes averaged 3.49 over the past 10 days and 1.43 million over the past 3 months. The company’s latest data on shares outstanding shows there are 49.39 million shares.

The 51.99% of Pagaya Technologies Ltd’s shares are in the hands of company insiders while institutional holders own 27.06% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 1.75 million on 2024-09-13, giving us a short ratio of 1.69. The data shows that as of 2024-09-13 short interest in Pagaya Technologies Ltd (PGY) stood at 302.99999 of shares outstanding, with shares short falling to 2.75 million registered in 2024-08-15. Current price change has pushed the stock -39.67% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the PGY stock continues to rise going into the next quarter.

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