Pagaya Technologies Ltd. (NASDAQ:PGY) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) have been given an average rating of “Buy” by the eleven brokerages that are presently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $35.8571.

Several equities analysts have recently commented on PGY shares. 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. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Weiss Ratings upgraded Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 18th. Finally, Zacks Research lowered Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th.

Insider Transactions at Pagaya Technologies

In related news, President Sanjiv Das sold 14,000 shares of the firm’s stock in a transaction 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 completion of the sale, the president owned 165,475 shares of the company’s stock, valued at $2,619,469.25. This trade represents a 7.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Evangelos Perros sold 11,558 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $16.23, for a total value of $187,586.34. Following the completion of the sale, the insider directly owned 131,241 shares of the company’s stock, valued at $2,130,041.43. The trade was a 8.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 58,090 shares of company stock worth $923,764. Corporate insiders own 41.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PGY. BNP Paribas Financial Markets boosted its position in Pagaya Technologies by 1,231.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company’s stock valued at $25,591,000 after acquiring an additional 1,110,208 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Pagaya Technologies by 320.1% during the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock worth $13,230,000 after acquiring an additional 961,944 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Pagaya Technologies by 221.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,379,550 shares of the company’s stock worth $28,833,000 after acquiring an additional 950,443 shares in the last quarter. Marshall Wace LLP raised its position in shares of Pagaya Technologies by 1,556.3% in the 3rd quarter. Marshall Wace LLP now owns 672,008 shares of the company’s stock worth $19,952,000 after acquiring an additional 631,435 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Pagaya Technologies by 141.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company’s stock valued at $12,040,000 after purchasing an additional 602,992 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 Monday. The company has a fifty day moving average of $15.49 and a 200 day moving average of $15.40. Pagaya Technologies has a 52 week low of $10.40 and a 52 week high of $44.99. The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $1.42 billion, a P/E ratio of 16.03 and a beta of 5.32.

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

Pagaya Technologies Company 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.