Pagaya Technologies Ltd. $PGY Shares Bought by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its Pagaya Technologies stake by 211% in the first quarter, reaching 375,212 shares worth approximately $4.37 million. Institutional investors and hedge funds collectively own 57.14% of PGY.
• Pagaya insiders sold 58,090 shares worth $923,764 over the past 90 days, including sales by President Sanjiv Das and Director Tami Rosen. The reported transactions were tied to tax obligations or pre-arranged trading plans.
• PGY opened at $16.61, while analysts maintain a consensus “Buy” rating and an average price target of $35.86. The stock remains highly volatile, with a beta of 5.32 and a 52-week range of $10.40 to $44.99.

Principal Financial Group Inc. boosted its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 211.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 375,212 shares of the company's stock after acquiring an additional 254,550 shares during the period. Principal Financial Group Inc. owned about 0.45% of Pagaya Technologies worth $4,371,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets raised its position in shares of Pagaya Technologies by 1,231.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company's stock worth $25,591,000 after purchasing an additional 1,110,208 shares during the period. Millennium Management LLC boosted its position in Pagaya Technologies by 320.1% during the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock valued at $13,230,000 after purchasing an additional 961,944 shares during the period. Goldman Sachs Group Inc. grew its stake in Pagaya Technologies by 221.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,379,550 shares of the company's stock worth $28,833,000 after buying an additional 950,443 shares during the last quarter. Marshall Wace LLP grew its stake in Pagaya Technologies by 1,556.3% during the 3rd quarter. Marshall Wace LLP now owns 672,008 shares of the company's stock worth $19,952,000 after buying an additional 631,435 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Pagaya Technologies by 3,179.4% in 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 during the period. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, President Sanjiv Das sold 14,000 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $15.83, for a total value of $221,620.00. Following the transaction, the president directly owned 165,475 shares of the company's stock, valued at $2,619,469.25. This trade represents a 7.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Tami Rosen sold 9,944 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $15.20, for a total transaction of $151,148.80. Following the sale, the director owned 37,544 shares in the company, valued at $570,668.80. This represents a 20.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 58,090 shares of company stock worth $923,764. Corporate insiders own 41.99% of the company's stock.

Pagaya Technologies Stock Down 2.1%

PGY opened at $16.61 on Wednesday. Pagaya Technologies Ltd. has a one year low of $10.40 and a one year high of $44.99. The company has a debt-to-equity ratio of 1.25, a quick ratio of 12.09 and a current ratio of 12.09. The stock's fifty day moving average is $15.96 and its 200-day moving average is $15.11. The company has a market capitalization of $1.38 billion, a PE ratio of 15.52 and a beta of 5.32.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last posted its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) earnings per share for the quarter. The business had revenue of $91.63 million for the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. On average, equities analysts predict that Pagaya Technologies Ltd. will post 2.92 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Texas Capital raised shares of Pagaya Technologies to a "strong-buy" rating in a report on Wednesday, June 10th. Zacks Research downgraded Pagaya Technologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Weiss Ratings upgraded Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, June 18th. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $32.00 price target on shares of Pagaya Technologies in a research report on Monday, May 18th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $35.86.

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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