Pagaya Technologies (NASDAQ:PGY) Coverage Initiated by Analysts at TD Cowen

Equities research analysts at TD Cowen started coverage on shares of Pagaya Technologies (NASDAQ:PGY) in a note issued to investors on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $26.00 price target on the stock. TD Cowen’s price objective points to a potential upside of 18.18% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group raised their price objective on shares of Pagaya Technologies from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Citizens Jmp upped their target price on Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, July 31st. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. B. Riley Financial lifted their price target on Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $31.25.

Pagaya Technologies Stock Up 5.1%

Pagaya Technologies stock opened at $22.00 on Thursday. Pagaya Technologies has a 52 week low of $10.40 and a 52 week high of $44.99. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of 16.18 and a beta of 5.35. The company’s 50-day moving average price is $19.28 and its two-hundred day moving average price is $15.28. The company has a current ratio of 11.08, a quick ratio of 11.08 and a debt-to-equity ratio of 1.12.

Insider Buying and Selling

In related news, CEO Gal Krubiner purchased 16,230 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was acquired at an average price of $15.43 per share, for a total transaction of $250,428.90. Following the transaction, the chief executive officer directly owned 555,906 shares of the company’s stock, valued at $8,577,629.58. This trade represents a 3.01% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Evangelos Perros sold 11,558 shares of Pagaya Technologies stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $16.23, for a total value of $187,586.34. Following the completion of the transaction, the insider directly owned 131,241 shares in the company, valued at $2,130,041.43. This represents a 8.09% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 105,420 shares of company stock valued at $1,979,419 over the last ninety days. 41.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its position in shares of Pagaya Technologies by 1,899.0% in the second quarter. California State Teachers Retirement System now owns 3,561,013 shares of the company’s stock worth $64,988,000 after acquiring an additional 3,382,876 shares in the last quarter. Millennium Management LLC lifted its position in shares of Pagaya Technologies by 75.2% in the 4th quarter. Millennium Management LLC now owns 1,738,760 shares of the company’s stock valued at $36,340,000 after acquiring an additional 746,216 shares in the last quarter. Goldman Sachs Group Inc. lifted 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 acquiring an additional 359,099 shares in the last quarter. Two Sigma Investments LP boosted its stake in Pagaya Technologies by 5.2% in the 3rd 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 during the period. Finally, Renaissance Technologies LLC boosted its stake in Pagaya Technologies by 27.3% in the 4th 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 during the period. 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.