Pagaya Technologies Ltd. (NASDAQ:PGY) shares, rose in value on Wednesday, 05/24/23, with the stock price up by 2.83% to the previous day’s close as strong demand from buyers drove the stock to $1.09.
Actively observing the price movement in the last trading, the stock closed the session at $1.06, falling within a range of $1.00 and $1.15. Referring to stock’s 52-week performance, its high was $34.50, and the low was $0.57. On the whole, PGY has fluctuated by 31.33% over the past month.
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As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.02, which is expected to increase to -$0.02 for fiscal year -$0.16 and then to about $0 by fiscal year 2024. Data indicates that the EPS growth is expected to be 76.80% in 2024, while the next year’s EPS growth is forecast to be 100.00%.
Analysts have estimated the company’s revenue for the quarter at $188.02 million, with a low estimate of $185.75 million and a high estimate of $190.8 million. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $801.47 million, representing an increase of 7.00% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that PGY’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a Hold.
5 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 3 analyst(s), 2 recommend it as a Buy and 0 called the PGY stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Overweight.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of PGY currently trading nearly 23.52% and 15.29% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 62.17, while the 7-day volatility ratio is showing 16.48% which for the 30-day chart, stands at 10.71%. Furthermore, Pagaya Technologies Ltd. (PGY)’s average true range (ATR) is 0.10.
Data on historical trading for Pagaya Technologies Ltd. (NASDAQ:PGY) indicates that the trading volumes over the past 10 days have averaged 3.07 million and over the past 3 months, they’ve averaged 1.92 million. According to company’s latest data on outstanding shares, there are 711.07 million shares outstanding.
Nearly 26.02% of Pagaya Technologies Ltd.’s shares belong to company insiders and institutional investors own 42.20% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 3.84 million shares as on Apr 27, 2023, resulting in a short ratio of 3.26. According to the data, the short interest in Pagaya Technologies Ltd. (PGY) stood at 0.55% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 3.95 million. The stock has fallen by -12.10% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the PGY stock heading into the next quarter.