TD Cowen Issues Pessimistic Forecast for Pagaya Technologies (NASDAQ:PGY) Stock Price

Pagaya Technologies (NASDAQ:PGY) had its price target reduced by analysts at TD Cowen from $26.00 to $25.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s target price would indicate a potential upside of 37.82% from the company’s previous close.

A number of other brokerages have also issued reports on PGY. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Pagaya Technologies in a research note on Monday, September 14th. Jefferies Financial Group lifted their price target on Pagaya Technologies from $23.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, August 18th. B. Riley Financial boosted their price objective on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Citizens Jmp upped their price objective on Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, July 31st. Finally, Zacks Research cut Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $31.12.

Pagaya Technologies Price Performance

NASDAQ PGY opened at $18.14 on Tuesday. Pagaya Technologies has a 12 month low of $10.40 and a 12 month high of $31.54. The company has a debt-to-equity ratio of 1.12, a current ratio of 11.08 and a quick ratio of 11.08. The firm has a market capitalization of $1.51 billion, a PE ratio of 13.34 and a beta of 5.50. The company’s 50 day simple moving average is $20.56 and its 200 day simple moving average is $16.74.

Insider Buying and Selling

In other Pagaya Technologies news, Director Tami Rosen sold 1,986 shares of Pagaya Technologies stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $17.83, for a total value of $35,410.38. Following the transaction, the director owned 13,414 shares in the company, valued at approximately $239,171.62. The trade was a 12.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Cory Vieira sold 2,170 shares of the company’s stock in a transaction on Monday, September 28th. The shares were sold at an average price of $17.04, for a total value of $36,976.80. Following the completion of the transaction, the chief accounting officer directly owned 25,160 shares in the company, valued at $428,726.40. This represents a 7.94% 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. Over the last ninety days, insiders sold 98,117 shares of company stock worth $2,019,059. Corporate insiders own 41.99% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

A number of hedge funds have recently modified their holdings of PGY. Moody National Bank Trust Division grew its holdings in shares of Pagaya Technologies by 20.9% in the 3rd quarter. Moody National Bank Trust Division now owns 36,302 shares of the company’s stock worth $629,000 after acquiring an additional 6,277 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Pagaya Technologies by 60.7% during the second quarter. Tidal Investments LLC now owns 78,221 shares of the company’s stock valued at $1,428,000 after purchasing an additional 29,533 shares during the last quarter. WINTON GROUP Ltd acquired a new position in shares of Pagaya Technologies in the 2nd quarter valued at $391,000. Engineers Gate Manager LP boosted its position in shares of Pagaya Technologies by 158.5% in the 2nd quarter. Engineers Gate Manager LP now owns 130,172 shares of the company’s stock valued at $2,376,000 after purchasing an additional 79,810 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new position in Pagaya Technologies in the 2nd quarter worth about $37,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence, machine learning and data analytics to connect financial institutions with institutional investors. Its technology analyzes large amounts of data to assess credit and other asset characteristics, helping partners originate, manage and fund assets while providing investors with access to diversified investment opportunities.

The company’s platform has supported asset classes including personal loans, auto loans and residential real estate assets.