Empowered Funds LLC Purchases 114,159 Shares of Pagaya Technologies Ltd. $PGY

Key Points

• Empowered Funds LLC increased its Pagaya Technologies stake by 4,562.7% in the first quarter, buying 114,159 additional shares to hold 116,661 shares worth approximately $1.36 million. Institutional investors collectively own 57.14% of the company.
• Analysts remain broadly bullish on PGY, with a consensus “Buy” rating and an average price target of $32.43. Several firms recently raised their targets to $36, while Citizens JMP increased its target to $25.
• Pagaya reported quarterly EPS of $0.73, surpassing the $0.20 consensus estimate, while revenue rose 9.7% year over year to $317.94 million. The stock opened at $21.28, well below its 52-week high of $44.99.

Empowered Funds LLC grew its position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 4,562.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 116,661 shares of the company's stock after buying an additional 114,159 shares during the period. Empowered Funds LLC owned 0.14% of Pagaya Technologies worth $1,359,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Main Management ETF Advisors LLC boosted its position in Pagaya Technologies by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 72,036 shares of the company's stock worth $1,506,000 after purchasing an additional 736 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Pagaya Technologies by 5.4% in the first quarter. The Manufacturers Life Insurance Company now owns 15,136 shares of the company's stock valued at $176,000 after purchasing an additional 776 shares during the period. SBI Securities Co. Ltd. lifted its stake in shares of Pagaya Technologies by 5.0% during the 4th quarter. SBI Securities Co. Ltd. now owns 16,493 shares of the company's stock valued at $345,000 after buying an additional 790 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Pagaya Technologies by 3.2% in the 4th quarter. MetLife Investment Management LLC now owns 27,845 shares of the company's stock worth $582,000 after buying an additional 867 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in Pagaya Technologies by 4.8% in the 3rd quarter. Franklin Resources Inc. now owns 22,766 shares of the company's stock worth $676,000 after buying an additional 1,043 shares during the period. Hedge funds and other institutional investors own 57.14% of the company's stock.

Insider Transactions at Pagaya Technologies

In other news, CAO Cory Vieira sold 2,140 shares of Pagaya Technologies stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the sale, the chief accounting officer owned 18,179 shares in the company, valued at approximately $272,866.79. This trade represents a 10.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gal Krubiner acquired 16,230 shares of the business's stock in a transaction dated Wednesday, June 24th. The shares were acquired at an average cost of $15.43 per share, with a total value of $250,428.90. Following the acquisition, the chief executive officer directly owned 555,906 shares of the company's stock, valued at $8,577,629.58. This represents a 3.01% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 107,560 shares of company stock worth $2,011,541. 41.99% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PGY shares. Citizens Jmp boosted their target price on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a "market outperform" rating in a report on Friday, July 31st. B. Riley Financial lifted their price target on Pagaya Technologies from $32.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Weiss Ratings raised Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, June 18th. Texas Capital upgraded Pagaya Technologies to a "strong-buy" rating in a research note on Wednesday, June 10th. Finally, Canaccord Genuity Group lifted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the company a "buy" rating in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Pagaya Technologies presently has a consensus rating of "Buy" and a consensus target price of $32.43.

Pagaya Technologies Trading Down 0.7%

Pagaya Technologies stock opened at $21.28 on Friday. The stock has a market cap of $1.76 billion, a P/E ratio of 15.65 and a beta of 5.33. Pagaya Technologies Ltd. has a fifty-two week low of $10.40 and a fifty-two week high of $44.99. The firm's fifty day moving average price is $17.03 and its 200-day moving average price is $14.96. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.53. The company had revenue of $317.94 million during the quarter, compared to analyst estimates of $323.85 million. Pagaya Technologies had a return on equity of 51.56% and a net margin of 9.12%.The firm's quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the company earned $0.10 earnings per share. Equities research analysts forecast that Pagaya Technologies Ltd. will post 3.4 earnings per share for the current fiscal year.

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.

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