Pagaya Technologies Ltd. (NASDAQ:PGY) Receives $33.11 Average Target Price from Analysts

Pagaya Technologies Ltd. (NASDAQ:PGY) has earned an average recommendation of “Moderate Buy” from the twelve research firms that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $33.1111.

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, January 2nd. Citigroup dropped their price objective on shares of Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Canaccord Genuity Group dropped their price objective 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. Benchmark dropped their price objective on shares of Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Finally, Freedom Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a research note on Tuesday, February 3rd.

Pagaya Technologies Price Performance

Shares of Pagaya Technologies stock opened at $12.14 on Friday. Pagaya Technologies has a twelve month low of $8.60 and a twelve month high of $44.99. The company has a quick ratio of 10.55, a current ratio of 10.55 and a debt-to-equity ratio of 1.22. The company has a 50-day simple moving average of $13.07 and a two-hundred day simple moving average of $21.35. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 13.64 and a beta of 5.74.

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

Insider Activity

In other news, President Sanjiv Das sold 9,702 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $10.99, for a total value of $106,624.98. Following the completion of the transaction, the president directly owned 144,034 shares in the company, valued at approximately $1,582,933.66. The trade was a 6.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tami Rosen sold 5,905 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $10.99, for a total transaction of $64,895.95. Following the completion of the transaction, the insider owned 47,264 shares of the company’s stock, valued at $519,431.36. The trade was a 11.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 37,036 shares of company stock worth $411,577. 47.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in PGY. AQR Capital Management LLC raised its position in shares of Pagaya Technologies by 2,722.3% in the 1st quarter. AQR Capital Management LLC now owns 305,710 shares of the company’s stock valued at $3,204,000 after buying an additional 294,878 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Pagaya Technologies by 11.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company’s stock valued at $653,000 after buying an additional 6,365 shares in the last quarter. Millennium Management LLC raised its position in shares of Pagaya Technologies by 320.1% in the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock valued at $13,230,000 after buying an additional 961,944 shares in the last quarter. Goldman Sachs Group Inc. raised its position 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 buying an additional 359,099 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Pagaya Technologies by 19.0% in the 2nd quarter. Legal & General Group Plc now owns 34,909 shares of the company’s stock valued at $744,000 after buying an additional 5,580 shares in the last quarter. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Pagaya Technologies Company 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.