Pagaya Technologies Ltd. $PGY Shares Newly Purchased by William Blair Investment Management LLC

Key Points

• William Blair Investment Management initiated a major Pagaya position, buying 2.30 million shares worth about $39.8 million, or 2.75% of the company, in the third quarter.
• Pagaya beat quarterly estimates, reporting $1.07 in EPS versus $0.47 expected and $390.5 million in revenue, up 11.5% year over year.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and an average price target of $31.62; several firms recently raised their targets.

William Blair Investment Management LLC bought a new position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 2,297,228 shares of the company's stock, valued at approximately $39,788,000. William Blair Investment Management LLC owned 2.75% of Pagaya Technologies at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its position in shares of Pagaya Technologies by 14.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,883,592 shares of the company's stock valued at $32,850,000 after acquiring an additional 238,275 shares during the period. Q Global Advisors LLC grew its holdings in Pagaya Technologies by 324.8% during 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. Squarepoint Ops LLC grew its holdings in Pagaya Technologies by 614.7% during the second quarter. Squarepoint Ops LLC now owns 252,036 shares of the company's stock valued at $4,600,000 after purchasing an additional 216,770 shares during the period. Insight Wealth Strategies LLC acquired a new position in Pagaya Technologies during the third quarter valued at approximately $4,437,000. Finally, Principal Financial Group Inc. increased its stake 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 in the last quarter. 57.14% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Pagaya Technologies news, CAO Cory Vieira sold 2,170 shares of the firm's stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $17.04, for a total transaction of $36,976.80. Following the sale, the chief accounting officer directly owned 25,160 shares in the company, valued at approximately $428,726.40. This trade represents a 7.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Sanjiv Das sold 14,300 shares of Pagaya Technologies stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $17.04, for a total transaction of $243,672.00. Following the completion of the transaction, the president directly owned 173,864 shares in the company, valued at approximately $2,962,642.56. The trade was a 7.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 48,647 shares of company stock worth $931,283. Company insiders own 41.99% of the company's stock.

Pagaya Technologies Stock Performance

Shares of NASDAQ PGY remained flat at $16.87 during mid-day trading on Friday. The stock had a trading volume of 1,219,092 shares, compared to its average volume of 1,927,802. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 10.22 and a beta of 5.67. The company has a debt-to-equity ratio of 1.22, a current ratio of 11.59 and a quick ratio of 11.59. The firm's fifty day moving average is $18.86 and its two-hundred day moving average is $16.35. Pagaya Technologies Ltd. has a 52 week low of $10.40 and a 52 week high of $26.80.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.60. Pagaya Technologies had a return on equity of 51.21% and a net margin of 10.77%. The business had revenue of $390.49 million for the quarter, compared to analysts' expectations of $382.10 million. During the same quarter in the previous year, the business posted $1.02 EPS. Pagaya Technologies's revenue for the quarter was up 11.5% on a year-over-year basis. Equities research analysts predict that Pagaya Technologies Ltd. will post 3.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PGY has been the topic of several analyst reports. B. Riley Financial reiterated 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. Weiss Ratings raised shares of Pagaya Technologies from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, November 9th. Citizens Jmp lifted their price target on shares of Pagaya Technologies from $22.00 to $25.00 and gave the stock a "market outperform" rating in a research report on Friday, July 31st. TD Cowen boosted their price target on shares of Pagaya Technologies from $25.00 to $27.00 and gave the company a "buy" rating in a report on Friday, October 30th. Finally, Jefferies Financial Group upped their price objective on shares of Pagaya Technologies from $23.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $31.62.

Pagaya Technologies Profile

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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