Brokerages Set Pagaya Technologies Ltd. (NASDAQ:PGY) PT at $33.11

Pagaya Technologies Ltd. (NASDAQ:PGY) has been assigned a consensus rating of “Moderate Buy” from the twelve ratings firms that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $33.1111.

PGY has been the subject of a number of research analyst reports. Citigroup reduced their price target on shares of Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Wall Street Zen downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. Jefferies Financial Group dropped their price objective on shares of Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Keefe, Bruyette & Woods cut their target price on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, January 2nd. Finally, Canaccord Genuity Group decreased their target price on shares of Pagaya Technologies from $39.00 to $32.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th.

Pagaya Technologies Stock Performance

Shares of PGY stock opened at $10.99 on Tuesday. The company has a market capitalization of $883.60 million, a price-to-earnings ratio of 12.35 and a beta of 5.92. Pagaya Technologies has a 1-year low of $8.50 and a 1-year high of $44.99. The company has a current ratio of 10.55, a quick ratio of 10.55 and a debt-to-equity ratio of 1.22. The stock’s fifty day simple moving average is $16.58 and its 200-day simple moving average is $24.22.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings data on Monday, February 9th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.05. Pagaya Technologies had a return on equity of 44.24% and a net margin of 6.25%.The firm had revenue of $334.81 million during the quarter, compared to the consensus estimate of $348.75 million. During the same period in the prior year, the business earned $0.17 EPS. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. On average, sell-side analysts predict that Pagaya Technologies will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Evangelos Perros sold 8,425 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $10.99, for a total transaction of $92,590.75. Following the completion of the sale, the chief financial officer directly owned 112,412 shares in the company, valued at approximately $1,235,407.88. This trade represents a 6.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tami Rosen sold 5,905 shares of Pagaya Technologies stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $10.99, for a total value of $64,895.95. Following the sale, the insider directly owned 47,264 shares of the company’s stock, valued at approximately $519,431.36. The trade was a 11.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 45,288 shares of company stock worth $811,309. Corporate insiders own 47.59% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Several institutional investors have recently made changes to their positions in PGY. JPMorgan Chase & Co. grew its stake in shares of Pagaya Technologies by 436.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company’s stock valued at $29,534,000 after buying an additional 1,127,242 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Pagaya Technologies by 1,231.6% in the second quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company’s stock worth $25,591,000 after buying an additional 1,110,208 shares during the last quarter. Millennium Management LLC raised its position in Pagaya Technologies by 320.1% during the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock valued at $13,230,000 after acquiring an additional 961,944 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Pagaya Technologies by 221.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,379,550 shares of the company’s stock valued at $28,833,000 after acquiring an additional 950,443 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Pagaya Technologies by 1,556.3% in the third quarter. Marshall Wace LLP now owns 672,008 shares of the company’s stock valued at $19,952,000 after acquiring an additional 631,435 shares during the last quarter. 57.14% of the stock is currently 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.