Bank of America Corp DE Has $1.31 Million Holdings in Pagaya Technologies Ltd. $PGY

Key Points

• Bank of America sharply reduced its Pagaya Technologies stake by 88.5% in the first quarter, selling 869,245 shares and retaining 112,715 shares valued at approximately $1.31 million.
• Other institutional investors increased their positions, and institutions collectively own 57.14% of Pagaya’s stock. Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $31.25.
• Pagaya shares opened at $22.98, above their 50-day and 200-day moving averages, but remain highly volatile, with a beta of 5.35 and a 52-week range of $10.40 to $44.99.

Bank of America Corp DE lessened its position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 88.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 112,715 shares of the company's stock after selling 869,245 shares during the period. Bank of America Corp DE owned approximately 0.14% of Pagaya Technologies worth $1,313,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGY. Empowered Funds LLC boosted its position in Pagaya Technologies by 4,562.7% during the 1st quarter. Empowered Funds LLC now owns 116,661 shares of the company's stock worth $1,359,000 after buying an additional 114,159 shares during the period. SPX Gestao de Recursos Ltda increased its holdings in Pagaya Technologies by 49.7% in the first quarter. SPX Gestao de Recursos Ltda now owns 180,100 shares of the company's stock valued at $2,098,000 after purchasing an additional 59,800 shares during the period. SG Americas Securities LLC acquired a new position in Pagaya Technologies during the 1st quarter worth about $1,426,000. Edgestream Partners L.P. grew its position in shares of 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 buying an additional 291,291 shares during the last quarter. Finally, Q Global Advisors LLC grew its position in shares of Pagaya Technologies by 324.8% in the 1st quarter. Q Global Advisors LLC now owns 537,551 shares of the company's stock valued at $6,262,000 after buying an additional 410,996 shares during the last quarter. 57.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. B. Riley Financial raised their price objective on Pagaya Technologies from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Canaccord Genuity Group raised their price target on shares of Pagaya Technologies from $32.00 to $36.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Zacks Research raised shares of Pagaya Technologies from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. Jefferies Financial Group increased their price target on Pagaya Technologies from $23.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday, August 18th. Finally, Texas Capital raised Pagaya Technologies to a "strong-buy" rating in a research note on Wednesday, June 10th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $31.25.

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, CEO Gal Krubiner acquired 16,230 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The stock was bought at an average cost of $15.43 per share, with a total value of $250,428.90. Following the acquisition, the chief executive officer owned 555,906 shares in the company, valued at approximately $8,577,629.58. This represents a 3.01% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Evangelos Perros sold 11,558 shares of Pagaya Technologies stock in a transaction 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 transaction, the insider owned 131,241 shares of the company's stock, valued at approximately $2,130,041.43. This trade represents a 8.09% 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. In the last quarter, insiders sold 106,685 shares of company stock worth $2,008,603. Insiders own 41.99% of the company's stock.

Pagaya Technologies Trading Up 0.4%

Shares of PGY stock opened at $22.98 on Friday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 16.90 and a beta of 5.35. Pagaya Technologies Ltd. has a 52-week low of $10.40 and a 52-week high of $44.99. The company has a 50-day simple moving average of $19.57 and a two-hundred day simple moving average of $15.40.

Pagaya Technologies 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.

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