SG Americas Securities LLC Makes New Investment in Pagaya Technologies Ltd. $PGY

Key Points

• SG Americas Securities initiated a new position in Pagaya Technologies in the first quarter, buying 122,441 shares worth about $1.43 million.
• Institutional interest in PGY appears broad, with firms like AQR Capital, Millennium Management, and Goldman Sachs also increasing their holdings. Overall, 57.14% of Pagaya’s stock is now owned by hedge funds and other institutional investors.
• Analyst sentiment remains positive: the stock has an average rating of “Buy” and an average price target of $35.86, while recent upgrades from Zacks Research and Texas Capital added to the bullish outlook.

SG Americas Securities LLC bought a new stake in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 122,441 shares of the company's stock, valued at approximately $1,426,000. SG Americas Securities LLC owned 0.15% of Pagaya Technologies as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. AQR Capital Management LLC increased its stake in shares of Pagaya Technologies by 2,722.3% in the first quarter. AQR Capital Management LLC now owns 305,710 shares of the company's stock worth $3,204,000 after acquiring an additional 294,878 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Pagaya Technologies by 11.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company's stock valued at $653,000 after purchasing an additional 6,365 shares in the last quarter. Millennium Management LLC increased its position in Pagaya Technologies by 320.1% in the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock worth $13,230,000 after purchasing an additional 961,944 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Pagaya Technologies by 26.7% in the 1st 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. Finally, Legal & General Group Plc raised its stake in shares of Pagaya Technologies by 19.0% during the 2nd quarter. Legal & General Group Plc now owns 34,909 shares of the company's stock worth $744,000 after purchasing an additional 5,580 shares in the last quarter. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Evangelos Perros sold 11,558 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $16.23, for a total value of $187,586.34. Following the transaction, the insider directly owned 131,241 shares of the company's stock, valued at approximately $2,130,041.43. This trade represents a 8.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 14,000 shares of the business's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $15.83, for a total value of $221,620.00. Following the completion of the sale, the president owned 165,475 shares of the company's stock, valued at approximately $2,619,469.25. This trade represents a 7.80% decrease in their ownership of the stock. 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. Insiders sold 67,810 shares of company stock worth $1,070,925 in the last three months. 47.59% of the stock is owned by insiders.

Pagaya Technologies Stock Performance

Pagaya Technologies stock opened at $17.79 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 16.63 and a beta of 5.32. Pagaya Technologies Ltd. has a one year low of $10.40 and a one year high of $44.99. The company's fifty day moving average price is $14.74 and its two-hundred day moving average price is $15.76.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PGY shares. Canaccord Genuity Group reiterated a "buy" rating and set a $32.00 price target on shares of Pagaya Technologies in a report on Monday, May 18th. Zacks Research upgraded Pagaya Technologies from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. Texas Capital raised shares of Pagaya Technologies to a "strong-buy" rating in a research report on Wednesday, June 10th. Finally, Weiss Ratings upgraded shares of Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, June 18th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $35.86.

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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