Pagaya Technologies Ltd. $PGY Shares Purchased by SPX Gestao de Recursos Ltda

Key Points

• SPX Gestao de Recursos Ltda increased its Pagaya Technologies stake by 49.7% in the first quarter, ending with 180,100 shares valued at about $2.1 million.
• Institutional interest in PGY remains strong, with hedge funds and other institutional investors owning 57.14% of the stock. Several firms, including Millennium Management and Goldman Sachs, also recently increased their positions.
• Analyst sentiment is mostly positive: the stock has a consensus Buy rating and a consensus price target of $35.86, though some firms recently downgraded or upgraded the name.

SPX Gestao de Recursos Ltda boosted its stake in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 49.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 180,100 shares of the company's stock after buying an additional 59,800 shares during the period. SPX Gestao de Recursos Ltda owned 0.22% of Pagaya Technologies worth $2,098,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Millennium Management LLC raised its holdings in shares of Pagaya Technologies by 75.2% during the 4th quarter. Millennium Management LLC now owns 1,738,760 shares of the company's stock worth $36,340,000 after acquiring an additional 746,216 shares during the period. Goldman Sachs Group Inc. increased its position in Pagaya Technologies by 26.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company's stock worth $17,871,000 after purchasing an additional 359,099 shares during the last quarter. Two Sigma Investments LP boosted its holdings in Pagaya Technologies by 5.2% in the 3rd quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company's stock valued at $43,127,000 after purchasing an additional 71,639 shares during the last quarter. Renaissance Technologies LLC grew its position in Pagaya Technologies by 27.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company's stock worth $28,300,000 after acquiring an additional 290,379 shares during the period. Finally, Nuveen LLC increased its position in shares of Pagaya Technologies by 3.7% during the 4th quarter. Nuveen LLC now owns 1,299,274 shares of the company's stock worth $27,155,000 after purchasing an additional 46,536 shares during the last quarter. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PGY has been the topic of a number of recent research reports. Zacks Research lowered shares of Pagaya Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Weiss Ratings upgraded Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, June 18th. Canaccord Genuity Group reiterated a "buy" rating and issued a $32.00 price objective on shares of Pagaya Technologies in a research note on Monday, May 18th. Finally, Texas Capital raised Pagaya Technologies to a "strong-buy" rating in a research report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $35.86.

Insider Buying and Selling

In other Pagaya Technologies news, Director Tami Rosen sold 9,944 shares of the firm'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 of the company's stock, valued at approximately $570,668.80. This trade represents a 20.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gal Krubiner acquired 16,230 shares of Pagaya Technologies stock in a transaction dated Wednesday, June 24th. The shares were bought at an average price of $15.43 per share, with a total value of $250,428.90. Following the transaction, the chief executive officer directly owned 555,906 shares in the company, valued at approximately $8,577,629.58. The trade was a 3.01% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 58,090 shares of company stock valued at $923,764 over the last three months. 41.99% of the stock is currently owned by insiders.

Pagaya Technologies Stock Performance

Shares of PGY stock opened at $17.15 on Friday. The company has a current ratio of 12.09, a quick ratio of 12.09 and a debt-to-equity ratio of 1.25. The firm has a fifty day moving average price of $15.49 and a 200 day moving average price of $15.44. The company has a market cap of $1.42 billion, a P/E ratio of 16.03 and a beta of 5.32. Pagaya Technologies Ltd. has a 12 month low of $10.40 and a 12 month high of $44.99.

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

About Pagaya Technologies

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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