Engineers Gate Manager LP Grows Stock Holdings in Pagaya Technologies Ltd. $PGY

Key Points

• Engineers Gate Manager LP increased its Pagaya Technologies stake by 158.5% in the second quarter, bringing its holdings to 130,172 shares worth approximately $2.38 million. Other institutional investors also significantly expanded their positions, and institutions now own 57.14% of PGY.
• Pagaya shares opened at $21.49, up 7.6%, with a market capitalization of about $1.79 billion. The stock has traded between $10.40 and $44.99 over the past year.
• Analyst sentiment is broadly positive: PGY carries a consensus “Buy” rating and a $31.25 target price, while CEO Gal Krubiner recently bought shares and insiders have sold 76,137 shares over the past 90 days.

Engineers Gate Manager LP lifted its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 158.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,172 shares of the company's stock after acquiring an additional 79,810 shares during the period. Engineers Gate Manager LP owned approximately 0.16% of Pagaya Technologies worth $2,376,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. California State Teachers Retirement System boosted its position in Pagaya Technologies by 1,899.0% during the 2nd quarter. California State Teachers Retirement System now owns 3,561,013 shares of the company's stock worth $64,988,000 after purchasing an additional 3,382,876 shares during the period. Allspring Global Investments Holdings LLC raised its position in 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 purchasing an additional 602,992 shares during the period. Q Global Advisors LLC raised its position in Pagaya Technologies by 324.8% in the first quarter. Q Global Advisors LLC now owns 537,551 shares of the company's stock valued at $6,262,000 after purchasing an additional 410,996 shares during the period. Principal Financial Group Inc. raised its position in Pagaya Technologies by 211.0% in the first quarter. Principal Financial Group Inc. now owns 375,212 shares of the company's stock valued at $4,371,000 after purchasing an additional 254,550 shares during the period. Finally, Edgestream Partners L.P. lifted its stake in shares of Pagaya Technologies by 353.2% during the first quarter. Edgestream Partners L.P. now owns 373,771 shares of the company's stock worth $4,354,000 after purchasing an additional 291,291 shares in the last quarter. Hedge funds and other institutional investors own 57.14% of the company's stock.

Pagaya Technologies Stock Up 7.6%

Shares of NASDAQ PGY opened at $21.49 on Tuesday. Pagaya Technologies Ltd. has a 1 year low of $10.40 and a 1 year high of $44.99. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 15.80 and a beta of 5.35. 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 stock's 50-day simple moving average is $19.98 and its 200-day simple moving average is $15.83.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, Director Tami Rosen sold 1,265 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.07, for a total transaction of $29,183.55. Following the sale, the director directly owned 15,400 shares in the company, valued at $355,278. The trade was a 7.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gal Krubiner bought 16,230 shares of Pagaya Technologies stock in a transaction dated Wednesday, June 24th. The shares were acquired at an average price of $15.43 per share, with a total value of $250,428.90. Following the completion of the purchase, the chief executive officer owned 555,906 shares in the company, valued at approximately $8,577,629.58. The trade was a 3.01% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 76,137 shares of company stock worth $1,512,809 in the last 90 days. 41.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PGY has been the subject of several analyst reports. TD Cowen began coverage on Pagaya Technologies in a research report on Thursday, September 3rd. They issued a "buy" rating and a $26.00 target price for the company. Weiss Ratings raised Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, June 18th. B. Riley Financial boosted their price target on Pagaya Technologies from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Citizens Jmp upped 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, Zacks Research raised shares of Pagaya Technologies from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $31.25.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company's Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.

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