Pagaya Technologies (NASDAQ:PGY) Research Coverage Started at TD Cowen

TD Cowen began coverage on shares of Pagaya Technologies (NASDAQ:PGY) in a research report report published on Thursday morning, MarketBeat.com reports. The firm issued a buy rating and a $26.00 price objective on the stock.

A number of other equities analysts have also weighed in on PGY. 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 research report on Friday, July 31st. Citizens Jmp raised their price target on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, July 31st. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Zacks Research raised shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Finally, Texas Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $31.25.

Pagaya Technologies Stock Up 0.4%

PGY stock opened at $22.98 on Thursday. The stock has a market capitalization of $1.92 billion, a P/E ratio of 16.90 and a beta of 5.35. The company has a debt-to-equity ratio of 1.12, a current ratio of 11.08 and a quick ratio of 11.08. Pagaya Technologies has a 1-year low of $10.40 and a 1-year high of $44.99. The business has a fifty day moving average price of $19.57 and a 200-day moving average price of $15.40.

Insider Transactions at Pagaya Technologies

In related news, insider Evangelos Perros sold 11,558 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $16.23, for a total transaction of $187,586.34. Following the completion of the sale, the insider owned 131,241 shares in the company, valued at approximately $2,130,041.43. This represents a 8.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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, President Sanjiv Das sold 21,289 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $22.00, for a total value of $468,358.00. Following the completion of the transaction, the president directly owned 144,186 shares in the company, valued at approximately $3,172,092. This represents a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 106,685 shares of company stock worth $2,008,603 in the last three months. 41.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Pagaya Technologies

Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC increased its stake in shares of Pagaya Technologies by 2,722.3% in the 1st quarter. AQR Capital Management LLC now owns 305,710 shares of the company’s stock worth $3,204,000 after purchasing an additional 294,878 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Pagaya Technologies by 11.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company’s stock valued at $653,000 after purchasing an additional 6,365 shares in the last quarter. Millennium Management LLC lifted its position in Pagaya Technologies by 320.1% during the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock valued at $13,230,000 after purchasing an additional 961,944 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Pagaya Technologies by 26.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock valued at $17,871,000 after purchasing an additional 359,099 shares during the period. Finally, Legal & General Group Plc grew its holdings in Pagaya Technologies by 19.0% during the second quarter. Legal & General Group Plc now owns 34,909 shares of the company’s stock valued at $744,000 after purchasing an additional 5,580 shares during the period. Institutional investors own 57.14% of the company’s stock.

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.