Pagaya Technologies (NASDAQ:PGY) Downgraded by Zacks Research to “Hold”

Zacks Research lowered shares of Pagaya Technologies (NASDAQ:PGY) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages have also weighed in on PGY. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $32.00 target price on shares of Pagaya Technologies in a research report on Monday, May 18th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Pagaya Technologies currently has an average rating of “Buy” and an average price target of $35.86.

Pagaya Technologies Price Performance

Pagaya Technologies stock opened at $18.34 on Monday. Pagaya Technologies has a 12-month low of $10.40 and a 12-month high of $44.99. The stock has a market capitalization of $1.52 billion, a P/E ratio of 17.14 and a beta of 5.32. The firm’s 50-day moving average is $14.94 and its two-hundred day moving average is $15.67. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09.

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

Insider Transactions at Pagaya Technologies

In other news, Director Tami Rosen sold 9,944 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $15.20, for a total value of $151,148.80. Following the transaction, the director directly owned 37,544 shares in the company, valued at $570,668.80. This trade represents a 20.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gal Krubiner acquired 16,230 shares of Pagaya Technologies stock in a transaction dated Wednesday, June 24th. The stock was purchased at an average cost of $15.43 per share, for a total transaction of $250,428.90. Following the completion of the purchase, the chief executive officer directly owned 555,906 shares in the company, valued at approximately $8,577,629.58. This represents a 3.01% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 67,810 shares of company stock valued at $1,070,925 in the last ninety days. Company insiders own 47.59% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Divisadero Street Capital Management LP lifted its stake in shares of Pagaya Technologies by 79.8% during the third quarter. Divisadero Street Capital Management LP now owns 416,919 shares of the company’s stock worth $12,378,000 after purchasing an additional 185,000 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Pagaya Technologies by 3,179.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 426,089 shares of the company’s stock valued at $9,493,000 after purchasing an additional 413,096 shares in the last quarter. Adams Street Partners LLC purchased a new stake in Pagaya Technologies during the 3rd quarter worth approximately $10,526,000. HarbourVest Partners LLC acquired a new position in shares of Pagaya Technologies in the 3rd quarter valued at approximately $3,343,000. Finally, Temasek Holdings Private Ltd acquired a new position in shares of Pagaya Technologies in the 3rd quarter valued at approximately $4,277,000. 57.14% of the stock is owned by institutional investors and hedge funds.

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.