Pagaya Technologies Ltd. (NASDAQ:PGY) Receives Average Recommendation of “Buy” from Analysts

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) have been assigned an average rating of “Buy” from the eleven analysts that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $32.00.

A number of research analysts recently weighed in on PGY shares. Texas Capital raised shares of Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Weiss Ratings upgraded Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Citizens Jmp raised their target price on Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Friday, July 31st. Zacks Research raised Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Finally, Canaccord Genuity Group lifted their target price on shares of Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, July 31st.

Pagaya Technologies Stock Down 1.1%

Shares of NASDAQ PGY opened at $21.74 on Tuesday. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 15.99 and a beta of 5.33. The company’s 50-day simple moving average is $19.03 and its 200-day simple moving average is $15.15. The company has a quick ratio of 11.08, a current ratio of 11.08 and a debt-to-equity ratio of 1.12. Pagaya Technologies has a 52-week low of $10.40 and a 52-week high of $44.99.

Insider Buying and Selling

In other news, insider Evangelos Perros sold 11,558 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $16.23, for a total value of $187,586.34. Following the completion of the sale, the insider owned 131,241 shares of the company’s stock, valued at $2,130,041.43. This represents a 8.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Tami Rosen sold 28,181 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $21.98, for a total transaction of $619,418.38. Following the sale, the director owned 16,665 shares of the company’s stock, valued at $366,296.70. This represents a 62.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 105,420 shares of company stock worth $1,979,419. 41.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of hedge funds have recently made changes to their positions in PGY. Root Financial Partners LLC acquired a new position in Pagaya Technologies during the fourth quarter worth $27,000. Aster Capital Management DIFC Ltd grew its stake in shares of Pagaya Technologies by 351.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company’s stock valued at $29,000 after buying an additional 1,084 shares in the last quarter. Transamerica Financial Advisors LLC purchased a new stake in shares of Pagaya Technologies in the 4th quarter valued at $30,000. Quarry LP lifted its stake in Pagaya Technologies by 330.8% during the 4th quarter. Quarry LP now owns 1,663 shares of the company’s stock worth $35,000 after acquiring an additional 1,277 shares in the last quarter. Finally, First Bancorp Inc ME purchased a new position in Pagaya Technologies during the 2nd quarter valued at about $36,000. Hedge funds and other institutional investors own 57.14% of the company’s stock.

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.