Pagaya Technologies (NASDAQ:PGY) Stock Price Target Cut by TD Cowen

Key Points

• TD Cowen lowered Pagaya Technologies’ price target from $26 to $25 but maintained its “Buy” rating, implying 34.7% potential upside from the prior close.
• Analyst sentiment remains broadly positive: Pagaya has an overall “Buy” consensus rating and an average price target of $31.12, despite ratings ranging from “Strong Buy” to “Hold.”
• PGY shares traded at $18.56, while insiders sold 98,117 shares worth about $2.02 million over the past three months; institutional investors own 57.14% of the company.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) had its price objective decreased by analysts at TD Cowen from $26.00 to $25.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's target price suggests a potential upside of 34.70% from the company's previous close.

PGY has been the topic of several other research reports. Zacks Research downgraded shares of Pagaya Technologies from a "strong-buy" rating to a "hold" rating in a report on Monday, September 28th. Canaccord Genuity Group raised their target price on Pagaya Technologies from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Jefferies Financial Group increased 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. Texas Capital raised shares of Pagaya Technologies to a "strong-buy" rating in a report on Wednesday, June 10th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Pagaya Technologies in a research report on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Pagaya Technologies presently has an average rating of "Buy" and a consensus target price of $31.12.

Pagaya Technologies Stock Performance

NASDAQ:PGY traded up $0.16 during mid-day trading on Tuesday, hitting $18.56. 292,770 shares of the company's stock traded hands, compared to its average volume of 3,508,558. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 13.65 and a beta of 5.50. The firm has a 50 day moving average of $20.49 and a two-hundred day moving average of $16.63. The company has a current ratio of 11.08, a quick ratio of 11.08 and a debt-to-equity ratio of 1.12. Pagaya Technologies has a 12 month low of $10.40 and a 12 month high of $31.54.

Insider Transactions at Pagaya Technologies

In other news, President Sanjiv Das sold 21,289 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $22.00, for a total value of $468,358.00. Following the transaction, the president directly owned 144,186 shares of the company's stock, valued at $3,172,092. The trade was a 12.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tami Rosen sold 28,181 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $21.98, for a total value of $619,418.38. Following the sale, the director owned 16,665 shares in the company, valued at approximately $366,296.70. This trade represents a 62.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 98,117 shares of company stock valued at $2,019,059 in the last three months. 41.99% of the stock is owned by corporate insiders.

Institutional Trading of Pagaya Technologies

Several large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its holdings in shares of Pagaya Technologies by 141.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company's stock valued at $12,040,000 after buying an additional 602,992 shares during the last quarter. Q Global Advisors LLC lifted its position in Pagaya Technologies by 324.8% during the 1st quarter. Q Global Advisors LLC now owns 537,551 shares of the company's stock worth $6,262,000 after buying an additional 410,996 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Pagaya Technologies by 211.0% during the 1st quarter. Principal Financial Group Inc. now owns 375,212 shares of the company's stock worth $4,371,000 after acquiring an additional 254,550 shares during the last quarter. Edgestream Partners L.P. increased its position in Pagaya Technologies by 353.2% in the 1st quarter. Edgestream Partners L.P. now owns 373,771 shares of the company's stock valued at $4,354,000 after acquiring an additional 291,291 shares in the last quarter. Finally, Squarepoint Ops LLC increased its position in Pagaya Technologies by 614.7% in the 2nd quarter. Squarepoint Ops LLC now owns 252,036 shares of the company's stock valued at $4,600,000 after acquiring an additional 216,770 shares in the last quarter. Institutional investors own 57.14% of the company's stock.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence, machine learning and data analytics to connect financial institutions with institutional investors. Its technology analyzes large amounts of data to assess credit and other asset characteristics, helping partners originate, manage and fund assets while providing investors with access to diversified investment opportunities.

The company's platform has supported asset classes including personal loans, auto loans and residential real estate assets.

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