Pagaya Technologies (NASDAQ:PGY) Posts Earnings Results, Misses Estimates By $0.19 EPS

Pagaya Technologies (NASDAQ:PGY - Get Free Report) issued its earnings results on Thursday. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.19), Zacks reports. Pagaya Technologies had a negative return on equity of 7.91% and a negative net margin of 16.22%. The firm had revenue of $237.00 million during the quarter, compared to the consensus estimate of $229.45 million. During the same period last year, the firm posted ($0.48) earnings per share. Pagaya Technologies updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Pagaya Technologies Trading Up 0.6 %

NASDAQ PGY traded up $0.08 during trading on Friday, hitting $12.68. The stock had a trading volume of 1,586,568 shares, compared to its average volume of 1,231,704. Pagaya Technologies has a one year low of $8.56 and a one year high of $33.96. The stock has a 50 day simple moving average of $11.00 and a 200 day simple moving average of $14.00. The stock has a market capitalization of $66.57 million, a price-to-earnings ratio of -5.87 and a beta of 6.55. The company has a debt-to-equity ratio of 0.49, a quick ratio of 4.05 and a current ratio of 4.05.

Analyst Ratings Changes

Several analysts have recently issued reports on PGY shares. JMP Securities decreased their price objective on Pagaya Technologies from $30.00 to $25.00 and set a "market outperform" rating on the stock in a report on Monday, April 8th. Benchmark reissued a "buy" rating and issued a $22.00 price objective on shares of Pagaya Technologies in a research note on Friday. Canaccord Genuity Group restated a "buy" rating and set a $42.00 target price on shares of Pagaya Technologies in a research report on Thursday. Finally, Wedbush dropped their price target on Pagaya Technologies from $18.00 to $11.50 and set a "neutral" rating for the company in a research report on Friday, March 15th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $29.75.

Insider Activity

In related news, President Sanjiv Das bought 22,727 shares of the stock in a transaction dated Friday, April 5th. The stock was purchased at an average cost of $10.57 per share, with a total value of $240,224.39. Following the completion of the purchase, the president now owns 22,727 shares of the company's stock, valued at $240,224.39. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, President Sanjiv Das acquired 22,727 shares of the company's stock in a transaction that occurred on Friday, April 5th. The shares were bought at an average price of $10.57 per share, with a total value of $240,224.39. Following the completion of the purchase, the president now directly owns 22,727 shares in the company, valued at $240,224.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gal Krubiner bought 33,600 shares of the firm's stock in a transaction on Thursday, April 4th. The shares were purchased at an average cost of $10.36 per share, with a total value of $348,096.00. Following the completion of the transaction, the chief executive officer now owns 523,076 shares in the company, valued at $5,419,067.36. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 194,807 shares of company stock valued at $2,012,373.

Pagaya Technologies Company Profile

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.

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