Jefferies Financial Group Raises Pagaya Technologies (NASDAQ:PGY) Price Target to $27.00

Key Points

• Jefferies raised Pagaya Technologies’ price target from $23 to $27 and maintained a “Buy” rating, implying approximately 32% upside from the stock’s $20.40 trading price.
• Analyst sentiment is broadly positive: Pagaya has a consensus “Buy” rating and average price target of $32, supported by multiple recent upgrades and target increases.
• Pagaya shares remain highly volatile, with a beta of 5.33 and a 52-week range of $10.40 to $44.99. Insiders have sold 107,560 shares worth about $2.0 million over the past three months, while institutions own 57.14% of the stock.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) had its price objective increased by equities researchers at Jefferies Financial Group from $23.00 to $27.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Jefferies Financial Group's price target points to a potential upside of 32.35% from the stock's current price.

PGY has been the topic of several other research reports. Weiss Ratings raised Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, June 18th. Texas Capital raised shares of Pagaya Technologies to a "strong-buy" rating in a report on Wednesday, June 10th. B. Riley Financial lifted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Zacks Research upgraded Pagaya Technologies from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Finally, Canaccord Genuity Group raised their target price on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a "buy" rating in a report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $32.00.

Pagaya Technologies Stock Performance

Pagaya Technologies stock traded down $0.53 during trading on Tuesday, reaching $20.40. The company had a trading volume of 1,192,617 shares, compared to its average volume of 3,757,943. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 14.99 and a beta of 5.33. The company has a current ratio of 11.08, a quick ratio of 11.08 and a debt-to-equity ratio of 1.12. The firm's 50-day simple moving average is $17.77 and its 200 day simple moving average is $14.90. Pagaya Technologies has a 52 week low of $10.40 and a 52 week high of $44.99.

Insiders Place Their Bets

In related news, President Sanjiv Das sold 21,289 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $22.00, for a total value of $468,358.00. Following the completion of the sale, the president directly owned 144,186 shares in the company, valued at $3,172,092. This trade represents a 12.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Evangelos Perros sold 11,558 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $16.23, for a total transaction of $187,586.34. Following the transaction, the insider owned 131,241 shares in the company, valued at $2,130,041.43. This trade represents a 8.09% 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. Over the last three months, insiders sold 107,560 shares of company stock worth $2,011,541. 41.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC boosted its holdings in Pagaya Technologies by 2,722.3% during the 1st quarter. AQR Capital Management LLC now owns 305,710 shares of the company's stock valued at $3,204,000 after acquiring an additional 294,878 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Pagaya Technologies by 11.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company's stock worth $653,000 after acquiring an additional 6,365 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Pagaya Technologies by 320.1% during 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. lifted its stake in shares of Pagaya Technologies by 26.7% during 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 boosted its position in Pagaya Technologies by 19.0% during the second quarter. Legal & General Group Plc now owns 34,909 shares of the company's stock valued at $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.

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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