Pagaya Technologies Ltd. $PGY Stock Position Raised by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) by 211.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 375,212 shares of the company’s stock after buying an additional 254,550 shares during the quarter. Principal Financial Group Inc.’s holdings in Pagaya Technologies were worth $4,371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Millennium Management LLC increased its stake in shares of Pagaya Technologies by 75.2% during the 4th quarter. Millennium Management LLC now owns 1,738,760 shares of the company’s stock worth $36,340,000 after purchasing an additional 746,216 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Pagaya Technologies by 26.7% in the 1st 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 last quarter. Two Sigma Investments LP boosted its holdings in Pagaya Technologies by 5.2% in the third quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock worth $43,127,000 after purchasing an additional 71,639 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Pagaya Technologies by 27.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company’s stock worth $28,300,000 after purchasing an additional 290,379 shares in the last quarter. Finally, Nuveen LLC increased its position in Pagaya Technologies by 3.7% during the fourth quarter. Nuveen LLC now owns 1,299,274 shares of the company’s stock worth $27,155,000 after buying an additional 46,536 shares during the last quarter. Institutional investors own 57.14% of the company’s stock.

Insider Buying and Selling

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

Pagaya Technologies Price Performance

Shares of NASDAQ:PGY opened at $16.61 on Wednesday. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 15.52 and a beta of 5.32. The business has a 50 day moving average price of $15.96 and a 200 day moving average price of $15.11. The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25. Pagaya Technologies Ltd. has a twelve month low of $10.40 and a twelve month high of $44.99.

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

Wall Street Analyst Weigh In

PGY has been the topic of a number of recent analyst reports. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Zacks Research downgraded Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $32.00 price objective on shares of Pagaya Technologies in a research note on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Pagaya Technologies presently has an average rating of “Buy” and an average target price of $35.86.

Pagaya Technologies 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.