Pagaya Technologies Ltd. (NASDAQ:PGY) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Pagaya Technologies has received a consensus analyst rating of “Moderate Buy” from 12 brokerages, with a 12-month average price target of about $33.11.
• Recent analyst actions were mixed: Weiss Ratings downgraded the stock to sell, while several firms maintained buy ratings, though some also cut their price targets.
• Insiders sold shares in recent months, but institutional investors still own a majority of the stock, with hedge funds and other institutions holding 57.14% of shares.

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) have been given an average recommendation of "Moderate Buy" by the twelve brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $33.1111.

A number of brokerages have commented on PGY. Weiss Ratings downgraded Pagaya Technologies from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, April 24th. Citigroup reduced their price objective on Pagaya Technologies from $40.00 to $32.00 and set a "buy" rating for the company in a research report on Thursday, February 12th. Canaccord Genuity Group reiterated a "buy" rating and issued a $32.00 price objective on shares of Pagaya Technologies in a research report on Monday, May 18th. Benchmark reduced their price objective on Pagaya Technologies from $48.00 to $33.00 and set a "buy" rating for the company in a research report on Tuesday, February 10th. Finally, Freedom Capital upgraded Pagaya Technologies to a "strong-buy" rating in a research report on Tuesday, February 3rd.

Insider Transactions at Pagaya Technologies

In other news, Director Tami Rosen sold 9,720 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $15.14, for a total value of $147,160.80. Following the completion of the transaction, the director directly owned 37,544 shares of the company's stock, valued at approximately $568,416.16. This represents a 20.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Evangelos Perros sold 13,004 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $11.34, for a total value of $147,465.36. Following the completion of the transaction, the chief financial officer directly owned 122,174 shares of the company's stock, valued at approximately $1,385,453.16. The trade was a 9.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 46,756 shares of company stock valued at $558,738. Corporate insiders own 47.59% of the company's stock.

Hedge Funds Weigh In On Pagaya Technologies

A number of hedge funds have recently modified their holdings of the stock. Millennium Management LLC raised its holdings in shares of Pagaya Technologies by 75.2% in the 4th quarter. Millennium Management LLC now owns 1,738,760 shares of the company's stock worth $36,340,000 after buying an additional 746,216 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of 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 buying an additional 359,099 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of Pagaya Technologies by 5.2% in the 3rd quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company's stock worth $43,127,000 after buying an additional 71,639 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Pagaya Technologies by 27.3% in the 4th quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company's stock worth $28,300,000 after buying an additional 290,379 shares in the last quarter. Finally, Nuveen LLC raised its holdings in shares of Pagaya Technologies by 3.7% in the 4th quarter. Nuveen LLC now owns 1,299,274 shares of the company's stock worth $27,155,000 after buying an additional 46,536 shares in the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Price Performance

Shares of PGY stock opened at $12.76 on Friday. The stock has a 50 day moving average of $12.79 and a two-hundred day moving average of $17.59. The company has a current ratio of 12.09, a quick ratio of 12.09 and a debt-to-equity ratio of 1.25. Pagaya Technologies has a 12 month low of $10.40 and a 12 month high of $44.99. The company has a market capitalization of $1.06 billion, a P/E ratio of 11.93 and a beta of 5.42.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last announced its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) EPS for the quarter. Pagaya Technologies had a return on equity of 44.75% and a net margin of 7.39%.The firm had revenue of $91.63 million during the quarter. As a group, equities analysts expect that Pagaya Technologies will post 2.24 EPS for the current year.

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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