Pagaya Technologies Ltd. (NASDAQ:PGY) Given Consensus Rating of “Buy” by Brokerages

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) have received an average recommendation of “Buy” from the twelve ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, eight have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $34.50.

PGY has been the subject of a number of research analyst reports. Texas Capital upgraded Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Canaccord Genuity Group restated a “buy” rating and set a $32.00 target price on shares of Pagaya Technologies in a report on Monday, May 18th. Finally, Weiss Ratings cut Pagaya Technologies from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, April 24th.

Insider Buying and Selling

In other news, CAO Cory Vieira sold 2,140 shares of Pagaya Technologies stock in a transaction dated Tuesday, June 2nd. The stock was 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 owned 18,179 shares in the company, valued at approximately $272,866.79. This trade represents a 10.53% decrease in their position. The sale was disclosed in a filing with the SEC, 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, Director Tami Rosen sold 9,720 shares of Pagaya Technologies stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $15.14, for a total value of $147,160.80. Following the completion of the transaction, the director owned 37,544 shares of the company’s stock, valued at $568,416.16. The trade was a 20.57% 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. Over the last quarter, insiders have sold 55,412 shares of company stock worth $822,542. 47.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC increased its position in Pagaya Technologies by 75.2% during the fourth quarter. Millennium Management LLC now owns 1,738,760 shares of the company’s stock worth $36,340,000 after buying an additional 746,216 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Pagaya Technologies by 26.7% in 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. Two Sigma Investments LP increased its holdings in shares of Pagaya Technologies by 5.2% in the third quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock valued at $43,127,000 after purchasing an additional 71,639 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Pagaya Technologies by 27.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company’s stock valued at $28,300,000 after purchasing an additional 290,379 shares during the period. Finally, Nuveen LLC increased its holdings in shares of Pagaya Technologies by 3.7% in the fourth quarter. Nuveen LLC now owns 1,299,274 shares of the company’s stock valued at $27,155,000 after purchasing an additional 46,536 shares during the period. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Stock Down 3.7%

Shares of PGY opened at $15.03 on Thursday. Pagaya Technologies has a 52-week low of $10.40 and a 52-week high of $44.99. The company has a market capitalization of $1.25 billion, a PE ratio of 14.05 and a beta of 5.35. The stock has a fifty day simple moving average of $14.02 and a two-hundred day simple moving average of $16.37. 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 (NASDAQ:PGY) last issued its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) earnings per share (EPS) for the quarter. The business had revenue of $91.63 million for the quarter. Pagaya Technologies had a return on equity of 44.75% and a net margin of 7.39%. As a group, equities analysts forecast that Pagaya Technologies will post 2.92 EPS for the current year.

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.