Wedbush Equities Analysts Increase Earnings Estimates for Pagaya Technologies Ltd. (NASDAQ:PGY)

Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) - Stock analysts at Wedbush upped their Q1 2024 earnings estimates for shares of Pagaya Technologies in a research report issued to clients and investors on Monday, April 8th. Wedbush analyst D. Chiaverini now forecasts that the company will earn ($0.24) per share for the quarter, up from their previous estimate of ($0.26). Wedbush has a "Neutral" rating and a $11.50 price target on the stock. The consensus estimate for Pagaya Technologies' current full-year earnings is ($0.22) per share. Wedbush also issued estimates for Pagaya Technologies' Q2 2024 earnings at ($0.18) EPS, Q3 2024 earnings at ($0.02) EPS, Q4 2024 earnings at ($0.02) EPS, FY2024 earnings at ($0.45) EPS, Q1 2025 earnings at $0.04 EPS, Q2 2025 earnings at $0.09 EPS, Q3 2025 earnings at $0.10 EPS, Q4 2025 earnings at $0.16 EPS, FY2025 earnings at $0.34 EPS and FY2026 earnings at $0.88 EPS.

Other analysts have also recently issued research reports about the stock. JMP Securities dropped their price objective on shares of Pagaya Technologies from $30.00 to $25.00 and set a "market outperform" rating for the company in a research note on Monday. Canaccord Genuity Group reissued a "buy" rating and issued a $42.00 price target on shares of Pagaya Technologies in a research note on Thursday, February 22nd. Finally, Jefferies Financial Group started coverage on shares of Pagaya Technologies in a research note on Thursday, December 14th. They issued a "buy" rating and a $30.00 price target for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $38.08.

Pagaya Technologies Price Performance

NASDAQ PGY traded up $0.47 during trading hours on Thursday, hitting $11.46. 1,039,478 shares of the company's stock traded hands, compared to its average volume of 1,263,553. Pagaya Technologies has a 52-week low of $8.90 and a 52-week high of $33.96. The company has a market capitalization of $676.71 million, a PE ratio of -5.30 and a beta of 6.66. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.05 and a quick ratio of 4.05. The firm's 50-day moving average is $13.25 and its 200-day moving average is $15.00.

Insider Activity

In related news, CRO Yahav Yulzari acquired 60,000 shares of the firm's stock in a transaction dated Wednesday, April 3rd. The shares were purchased at an average cost of $10.17 per share, for a total transaction of $610,200.00. Following the acquisition, the executive now owns 299,699 shares in the company, valued at approximately $3,047,938.83. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Tami Rosen acquired 10,000 shares of the firm's stock in a transaction dated Friday, April 5th. The shares were purchased at an average cost of $10.47 per share, for a total transaction of $104,700.00. Following the acquisition, the insider now owns 28,818 shares in the company, valued at approximately $301,724.46. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Yahav Yulzari acquired 60,000 shares of the firm's stock in a transaction dated Wednesday, April 3rd. The stock was bought at an average price of $10.17 per share, for a total transaction of $610,200.00. Following the completion of the acquisition, the executive now owns 299,699 shares in the company, valued at approximately $3,047,938.83. The disclosure for this purchase can be found here. Insiders bought a total of 194,807 shares of company stock valued at $2,012,373 in the last 90 days.

Institutional Investors Weigh In On Pagaya Technologies

Hedge funds have recently added to or reduced their stakes in the business. Walleye Capital LLC acquired a new stake in Pagaya Technologies during the 3rd quarter worth approximately $25,000. Wolverine Trading LLC increased its position in shares of Pagaya Technologies by 279.8% in the 3rd quarter. Wolverine Trading LLC now owns 17,602 shares of the company's stock valued at $28,000 after purchasing an additional 27,393 shares during the last quarter. HighTower Advisors LLC purchased a new stake in shares of Pagaya Technologies in the 3rd quarter valued at approximately $29,000. Osaic Holdings Inc. purchased a new stake in shares of Pagaya Technologies in the 2nd quarter valued at approximately $29,000. Finally, Prelude Capital Management LLC purchased a new stake in shares of Pagaya Technologies in the 4th quarter valued at approximately $30,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

About Pagaya Technologies

Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial institutions and investors in the United States, Israel, the Cayman Islands, and internationally. The company develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets.