Pagaya Technologies (NASDAQ:PGY) Announces Quarterly Earnings Results

Pagaya Technologies (NASDAQ:PGY) issued its quarterly earnings data on Monday. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.05, FiscalAI reports. The business had revenue of $334.81 million for the quarter, compared to the consensus estimate of $348.75 million. Pagaya Technologies had a positive return on equity of 31.59% and a negative net margin of 15.32%.

Pagaya Technologies Stock Up 12.0%

Shares of NASDAQ PGY opened at $18.64 on Monday. The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $1.50 billion, a PE ratio of -6.98 and a beta of 5.85. The firm has a fifty day moving average of $22.36 and a 200-day moving average of $27.88. Pagaya Technologies has a 52-week low of $8.50 and a 52-week high of $44.99.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PGY. Wall Street Zen downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Freedom Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a research report on Tuesday, February 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Pagaya Technologies in a report on Friday, January 9th. Zacks Research cut Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Finally, Canaccord Genuity Group lifted their price objective on Pagaya Technologies from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Pagaya Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $37.25.

Insider Buying and Selling at Pagaya Technologies

In other news, insider Tami Rosen sold 7,561 shares of the business’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $30.73, for a total transaction of $232,349.53. Following the completion of the sale, the insider owned 37,544 shares in the company, valued at approximately $1,153,727.12. The trade was a 16.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Sanjiv Das sold 3,945 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $22.99, for a total value of $90,695.55. Following the completion of the transaction, the president owned 129,986 shares of the company’s stock, valued at approximately $2,988,378.14. This represents a 2.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 21,256 shares of company stock valued at $547,198. Company insiders own 47.59% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC lifted its stake in Pagaya Technologies by 3,739.7% during the third quarter. NewEdge Advisors LLC now owns 5,798 shares of the company’s stock worth $172,000 after purchasing an additional 5,647 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Pagaya Technologies by 177.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,561 shares of the company’s stock worth $140,000 after acquiring an additional 4,199 shares during the period. Creative Planning acquired a new position in shares of Pagaya Technologies during the third quarter valued at $249,000. Advisory Services Network LLC raised its stake in shares of Pagaya Technologies by 23.7% during the third quarter. Advisory Services Network LLC now owns 10,987 shares of the company’s stock valued at $326,000 after purchasing an additional 2,105 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in Pagaya Technologies by 57.8% in the 2nd quarter. New York State Common Retirement Fund now owns 14,200 shares of the company’s stock valued at $303,000 after buying an additional 5,200 shares in the last quarter. 57.14% of the stock is currently owned by institutional investors.

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.