Watershed Asset Management L.L.C. Makes New Investment in Pagaya Technologies Ltd. $PGY

Watershed Asset Management L.L.C. bought a new position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 39,762 shares of the company’s stock, valued at approximately $463,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in Pagaya Technologies by 3,179.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 426,089 shares of the company’s stock valued at $9,493,000 after purchasing an additional 413,096 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Pagaya Technologies during the 1st quarter worth $1,426,000. World Investment Advisors purchased a new position in Pagaya Technologies during the 4th quarter worth $1,164,000. Patriot Financial Group Insurance Agency LLC purchased a new position in Pagaya Technologies during the 1st quarter worth $452,000. Finally, Pictet Asset Management Holding SA increased its stake in Pagaya Technologies by 424.8% in the fourth quarter. Pictet Asset Management Holding SA now owns 42,900 shares of the company’s stock valued at $897,000 after purchasing an additional 34,726 shares during the period. 57.14% of the stock is owned by hedge funds and other institutional investors.

Pagaya Technologies Stock Performance

NASDAQ:PGY opened at $17.15 on Friday. The firm’s fifty day moving average price is $15.49 and its 200 day moving average price is $15.44. Pagaya Technologies Ltd. has a 1-year low of $10.40 and a 1-year high of $44.99. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 16.03 and a beta of 5.32.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) earnings per share (EPS) for the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. The firm had revenue of $91.63 million during the quarter. On average, sell-side analysts expect that Pagaya Technologies Ltd. will post 2.92 EPS for the current year.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 14,000 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $15.83, for a total value of $221,620.00. Following the sale, the president owned 165,475 shares of the company’s stock, valued at approximately $2,619,469.25. The trade was a 7.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gal Krubiner acquired 16,230 shares of the stock in a transaction on Wednesday, June 24th. The stock was acquired at an average cost of $15.43 per share, for a total transaction of $250,428.90. Following the acquisition, the chief executive officer directly owned 555,906 shares in the company, valued at $8,577,629.58. This represents a 3.01% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders sold 58,090 shares of company stock valued at $923,764. Insiders own 41.99% of the company’s stock.

Wall Street Analyst Weigh In

PGY has been the subject of several recent research reports. Texas Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Zacks Research cut Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $32.00 price objective on shares of Pagaya Technologies in a research note on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $35.86.

Pagaya Technologies Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.