Pagaya Technologies (NASDAQ:PGY) Stock Price Up 9.7% After Analyst Upgrade

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price traded up 9.7% during mid-day trading on Monday after B. Riley Financial raised their price target on the stock from $32.00 to $36.00. B. Riley Financial currently has a buy rating on the stock. Pagaya Technologies traded as high as $20.92 and last traded at $21.1330. 951,159 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 3,812,117 shares. The stock had previously closed at $19.27.

Other equities analysts also recently issued research reports about the company. Zacks Research downgraded Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Citizens Jmp raised their price objective on Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Friday. Weiss Ratings upgraded Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Canaccord Genuity Group boosted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Friday. Finally, Texas Capital upgraded Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Pagaya Technologies currently has a consensus rating of “Buy” and an average price target of $32.43.

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, Director Tami Rosen sold 9,944 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $15.20, for a total transaction of $151,148.80. Following the completion of the sale, the director directly owned 37,544 shares in the company, valued at $570,668.80. This trade represents a 20.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Cory Vieira sold 2,140 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total value of $32,121.40. Following the completion of the transaction, the chief accounting officer directly owned 18,179 shares in the company, valued at $272,866.79. The trade was a 10.53% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 58,090 shares of company stock worth $923,764. 41.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Main Management ETF Advisors LLC lifted its holdings in shares of Pagaya Technologies by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 72,036 shares of the company’s stock worth $1,506,000 after buying an additional 736 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Pagaya Technologies by 5.4% in the first quarter. The Manufacturers Life Insurance Company now owns 15,136 shares of the company’s stock valued at $176,000 after acquiring an additional 776 shares in the last quarter. SBI Securities Co. Ltd. increased its position in 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 period. MetLife Investment Management LLC increased its position in Pagaya Technologies by 3.2% during the fourth quarter. MetLife Investment Management LLC now owns 27,845 shares of the company’s stock worth $582,000 after acquiring an additional 867 shares during the period. Finally, Franklin Resources Inc. raised its stake in Pagaya Technologies by 4.8% in the 3rd quarter. Franklin Resources Inc. now owns 22,766 shares of the company’s stock worth $676,000 after purchasing an additional 1,043 shares in the last quarter. Institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Stock Up 10.3%

The company has a current ratio of 11.08, a quick ratio of 11.08 and a debt-to-equity ratio of 1.12. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of 15.68 and a beta of 5.33. The firm’s 50 day simple moving average is $16.23 and its two-hundred day simple moving average is $14.95.

Pagaya Technologies (NASDAQ:PGY) last announced its earnings results on Thursday, May 7th. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.53. Pagaya Technologies had a net margin of 9.12% and a return on equity of 51.56%. The firm had revenue of $317.94 million for the quarter, compared to analyst estimates of $323.85 million. During the same quarter in the prior year, the business posted $0.10 EPS. The business’s revenue was up 9.7% compared to the same quarter last year. On average, equities analysts forecast that Pagaya Technologies Ltd. will post 2.92 EPS 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.