Canaccord Genuity Group Reiterates Buy Rating for Pagaya Technologies (NASDAQ:PGY)

Key Points

• Canaccord Genuity Group reiterated a buy rating on Pagaya Technologies and kept its $32 price target, implying significant upside from the current share price.
• Despite the bullish analyst view, PGY fell 6.1% to $12.72 on Monday, with the stock trading well below its 200-day moving average and near the lower end of its 52-week range.
• Recent analyst sentiment remains mostly positive overall, with MarketBeat showing a Moderate Buy consensus and a $33.11 average price target, though insiders have also been selling shares in recent months.

Pagaya Technologies (NASDAQ:PGY - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Canaccord Genuity Group in a report issued on Monday,Benzinga reports. They currently have a $32.00 target price on the stock. Canaccord Genuity Group's price objective indicates a potential upside of 151.67% from the company's current price.

PGY has been the topic of several other research reports. Jefferies Financial Group dropped their price target 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. Zacks Research lowered shares of Pagaya Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 2nd. Benchmark dropped their price target on shares of Pagaya Technologies from $48.00 to $33.00 and set a "buy" rating on the stock in a research note on Tuesday, February 10th. Freedom Capital upgraded shares of Pagaya Technologies to a "strong-buy" rating in a research note on Tuesday, February 3rd. Finally, Citigroup dropped their price target on shares of Pagaya Technologies from $40.00 to $32.00 and set a "buy" rating on the stock in a research note on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $33.11.

Pagaya Technologies Stock Down 6.1%

PGY traded down $0.83 on Monday, reaching $12.72. The company's stock had a trading volume of 2,014,709 shares, compared to its average volume of 3,877,244. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 11.89 and a beta of 5.42. The business's 50 day moving average is $12.65 and its 200 day moving average is $18.03. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09. Pagaya Technologies has a 1 year low of $10.40 and a 1 year high of $44.99.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last issued its earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share (EPS) for the quarter. The company had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. As a group, research analysts forecast that Pagaya Technologies will post 2.24 EPS for the current fiscal year.

Insider Activity

In other news, President Sanjiv Das sold 9,702 shares of the 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 $1,582,933.66. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Tami Rosen sold 9,720 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $15.14, for a total transaction of $147,160.80. Following the completion of the transaction, the director owned 37,544 shares of the company's stock, valued at $568,416.16. This trade represents a 20.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 46,756 shares of company stock worth $558,738 over the last three months. Corporate insiders own 47.59% of the company's stock.

Hedge Funds Weigh In On Pagaya Technologies

Hedge funds have recently modified their holdings of the company. Federated Hermes Inc. increased its position in shares of Pagaya Technologies by 40.8% during the 3rd quarter. Federated Hermes Inc. now owns 600,140 shares of the company's stock valued at $17,818,000 after purchasing an additional 174,033 shares during the period. Divisadero Street Capital Management LP boosted its holdings in Pagaya Technologies by 79.8% during the third quarter. Divisadero Street Capital Management LP now owns 416,919 shares of the company's stock worth $12,378,000 after buying an additional 185,000 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Pagaya Technologies by 3,179.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 426,089 shares of the company's stock worth $9,493,000 after buying an additional 413,096 shares in the last quarter. Zweig DiMenna Associates LLC bought a new stake in Pagaya Technologies during the third quarter worth approximately $5,525,000. Finally, Adams Street Partners LLC bought a new stake in Pagaya Technologies during the third quarter worth approximately $10,526,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.