Pagaya Technologies (NASDAQ:PGY) Rating Increased to Strong-Buy at Freedom Capital

Pagaya Technologies (NASDAQ:PGY) was upgraded by analysts at Freedom Capital to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Zacks Research lowered Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Pagaya Technologies in a research report on Friday, January 9th. Wall Street Zen cut shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Canaccord Genuity Group increased their target price on shares of Pagaya Technologies from $36.00 to $39.00 and gave the stock a “buy” rating in a report on Tuesday, November 11th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, January 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.25.

Pagaya Technologies Stock Performance

NASDAQ:PGY opened at $18.14 on Tuesday. Pagaya Technologies has a fifty-two week low of $8.50 and a fifty-two week high of $44.99. The company has a debt-to-equity ratio of 1.16, a quick ratio of 11.41 and a current ratio of 11.41. The company has a 50 day moving average price of $22.63 and a 200 day moving average price of $28.11. The stock has a market capitalization of $1.46 billion, a P/E ratio of -6.79 and a beta of 5.85.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings results on Monday, November 10th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.46. Pagaya Technologies had a positive return on equity of 31.59% and a negative net margin of 15.32%.The company had revenue of $350.17 million for the quarter, compared to analysts’ expectations of $338.86 million. During the same period in the prior year, the firm earned $0.44 earnings per share. The firm’s revenue was up 36.3% compared to the same quarter last year. Equities research analysts forecast that Pagaya Technologies will post 0.88 EPS for the current year.

Insider Buying and Selling

In other news, President Sanjiv Das sold 3,945 shares of Pagaya Technologies stock in a transaction on Monday, January 5th. The shares were sold at an average price of $22.99, for a total transaction of $90,695.55. Following the completion of the sale, the president directly owned 129,986 shares of the company’s stock, valued at approximately $2,988,378.14. The trade was a 2.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Evangelos Perros sold 9,750 shares of the stock in a transaction on Monday, January 5th. The shares were sold at an average price of $22.99, for a total value of $224,152.50. Following the completion of the transaction, the chief financial officer directly owned 100,212 shares in the company, valued at $2,303,873.88. This trade represents a 8.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 21,256 shares of company stock worth $547,198 over the last 90 days. 47.59% of the stock is owned by insiders.

Institutional Trading of Pagaya Technologies

Institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd grew its stake in Pagaya Technologies by 35.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company’s stock worth $42,000 after buying an additional 520 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Pagaya Technologies by 8.6% in the second quarter. Nisa Investment Advisors LLC now owns 6,676 shares of the company’s stock valued at $142,000 after acquiring an additional 526 shares during the period. Moody National Bank Trust Division boosted its holdings in shares of Pagaya Technologies by 2.4% in the fourth quarter. Moody National Bank Trust Division now owns 28,978 shares of the company’s stock valued at $606,000 after acquiring an additional 666 shares during the period. SBI Securities Co. Ltd. grew its position in shares of Pagaya Technologies by 5.0% during the fourth quarter. SBI Securities Co. Ltd. now owns 16,493 shares of the company’s stock worth $345,000 after acquiring an additional 790 shares during the last quarter. Finally, Versant Capital Management Inc acquired a new position in shares of Pagaya Technologies in the 3rd quarter valued at $25,000. 57.14% of the stock is owned by hedge funds and other institutional investors.

About Pagaya Technologies

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.