Pagaya Technologies Ltd. (PGY) - What Are Investment Firms Saying About This Stock?

Key Points

• Analyst sentiment is broadly positive: 10 of 12 covering firms rate Pagaya Technologies Buy or Strong Buy, and the average 12-month price target is $31.62. Recent target increases include B. Riley’s move to $38 and Canaccord’s to $36.
• Pagaya beat quarterly estimates: It reported EPS of $1.07 versus a $0.47 consensus and revenue of $390.49 million versus $382.10 million; revenue grew 11.5% year over year.
• Shares traded at $16.87, below the average analyst target; institutional investors including William Blair and Allspring added or established positions, while insiders sold about 48,647 shares over the past three months.

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) have been assigned an average recommendation of "Buy" from the twelve ratings firms that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $31.62.

PGY has been the subject of a number of recent research reports. B. Riley Financial reaffirmed a "buy" rating and issued a $38.00 target price (up from $36.00) on shares of Pagaya Technologies in a report on Friday, October 30th. Canaccord Genuity Group lifted their price target on Pagaya Technologies from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Zacks Research cut Pagaya Technologies from a "strong-buy" rating to a "hold" rating in a report on Monday, September 28th. Citizens Jmp boosted their price target on Pagaya Technologies from $22.00 to $25.00 and gave the stock a "market outperform" rating in a report on Friday, July 31st. Finally, TD Cowen upped their price objective on Pagaya Technologies from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, October 30th.

Pagaya Technologies Stock Performance

Pagaya Technologies stock remained flat at $16.87 during mid-day trading on Friday. 1,219,092 shares of the company's stock were exchanged, compared to its average volume of 1,927,802. The company has a fifty day moving average of $18.86 and a two-hundred day moving average of $16.35. The firm has a market cap of $1.42 billion, a P/E ratio of 10.22 and a beta of 5.67. Pagaya Technologies has a 1 year low of $10.40 and a 1 year high of $26.80. The company has a debt-to-equity ratio of 1.22, a quick ratio of 11.59 and a current ratio of 11.59.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.60. Pagaya Technologies had a net margin of 10.77% and a return on equity of 51.21%. The company had revenue of $390.49 million during the quarter, compared to the consensus estimate of $382.10 million. During the same period in the prior year, the business earned $1.02 earnings per share. The company's revenue for the quarter was up 11.5% compared to the same quarter last year. Research analysts forecast that Pagaya Technologies will post 3.56 EPS for the current year.

Insider Activity at Pagaya Technologies

In related news, Director Tami Rosen sold 1,986 shares of the firm's stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $17.83, for a total transaction of $35,410.38. Following the completion of the transaction, the director directly owned 13,414 shares of the company's stock, valued at $239,171.62. This trade represents a 12.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Sanjiv Das sold 14,300 shares of the firm's stock in a transaction dated Monday, September 28th. The stock was sold at an average price of $17.04, for a total value of $243,672.00. Following the transaction, the president owned 173,864 shares of the company's stock, valued at $2,962,642.56. This trade represents a 7.60% decrease in their ownership of the stock. 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 48,647 shares of company stock worth $931,283 over the last three months. Company insiders own 41.99% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. William Blair Investment Management LLC acquired a new stake in shares of Pagaya Technologies in the 3rd quarter valued at about $39,788,000. Allspring Global Investments Holdings LLC raised its stake in Pagaya Technologies by 14.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,883,592 shares of the company's stock worth $32,850,000 after buying an additional 238,275 shares during the period. Q Global Advisors LLC raised its stake 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 during the period. Empowered Funds LLC acquired a new position in Pagaya Technologies during the 3rd quarter worth approximately $9,034,000. Finally, Principal Financial Group Inc. boosted its holdings in Pagaya Technologies by 211.0% in the first 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 in the last quarter. Institutional investors and hedge funds own 57.14% of the company's stock.

About Pagaya Technologies

Pagaya Technologies Ltd. is a financial technology company that provides artificial intelligence and data analytics tools to banks, lenders and other financial institutions. Its technology helps partners evaluate consumer credit applications and connect approved borrowers with funding from institutional investors. The company's network supports lending products such as personal loans, auto loans and point-of-sale financing. Pagaya works with its partners to help expand their lending capacity while providing investors with access to credit-related assets.

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