Pagaya Technologies Ltd. (NASDAQ:PGY) Receives Consensus Recommendation of "Buy" from Analysts

Key Points

• Pagaya Technologies has a consensus analyst rating of “Buy” from 11 covering analysts, with an average 12-month price target of about $35.86.
• Recent analyst actions were mixed: Weiss Ratings upgraded the stock to hold, Canaccord reaffirmed a buy with a $32 target, Zacks downgraded it to hold, and Texas Capital lifted it to strong-buy.
• The stock opened at $17.99, well below its 12-month high of $44.99, while the company reported quarterly revenue of $91.63 million and analysts expect 2.92 EPS for the current year.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) has been given a consensus recommendation of "Buy" by the eleven analysts that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $35.8571.

A number of analysts recently issued reports on PGY shares. Weiss Ratings raised shares of Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, June 18th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $32.00 price target on shares of Pagaya Technologies in a research report on Monday, May 18th. Zacks Research downgraded shares of Pagaya Technologies from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Finally, Texas Capital raised shares of Pagaya Technologies to a "strong-buy" rating in a research report on Wednesday, June 10th.

Pagaya Technologies Price Performance

PGY stock opened at $17.99 on Monday. The stock has a 50-day moving average price of $15.20 and a two-hundred day moving average price of $15.56. Pagaya Technologies has a 12-month low of $10.40 and a 12-month high of $44.99. The company has a current ratio of 12.09, a quick ratio of 12.09 and a debt-to-equity ratio of 1.25. The company has a market cap of $1.49 billion, a PE ratio of 16.81 and a beta of 5.32.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last announced its quarterly earnings results on Sunday, March 22nd. The company reported ($40.85) EPS for the quarter. The firm had revenue of $91.63 million for the quarter. Pagaya Technologies had a return on equity of 44.75% and a net margin of 7.39%. As a group, research analysts predict that Pagaya Technologies will post 2.92 EPS for the current year.

Insider Activity

In other Pagaya Technologies news, insider Evangelos Perros sold 11,558 shares of the business's stock in a transaction dated Friday, June 12th. The stock was 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. The trade was a 8.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cory Vieira sold 2,140 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total value of $32,121.40. Following the completion of the sale, the chief accounting officer directly owned 18,179 shares of the company's stock, valued at $272,866.79. The trade was a 10.53% 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. Insiders sold 67,810 shares of company stock worth $1,070,925 in the last quarter. Insiders own 41.99% of the company's stock.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds have recently modified their holdings of the stock. Divisadero Street Capital Management LP grew its position in Pagaya Technologies by 79.8% in the third quarter. Divisadero Street Capital Management LP now owns 416,919 shares of the company's stock valued at $12,378,000 after acquiring an additional 185,000 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Pagaya Technologies by 3,179.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 426,089 shares of the company's stock valued at $9,493,000 after purchasing an additional 413,096 shares during the period. Adams Street Partners LLC acquired a new position in shares of Pagaya Technologies during the third quarter worth $10,526,000. SG Americas Securities LLC acquired a new position in shares of Pagaya Technologies during the first quarter worth $1,426,000. Finally, World Investment Advisors purchased a new position in shares of Pagaya Technologies in the fourth quarter valued at $1,164,000. 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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