Pagaya Technologies (NASDAQ:PGY) Price Target Raised to $48.00

Key Points

• Benchmark analysts have increased their price target for Pagaya Technologies from $42.00 to $48.00, indicating a potential upside of 66.56% from its previous closing price.
• The company's stock has received multiple "buy" ratings from various analysts, with a consensus rating of "Moderate Buy" and an average target price of $28.40.
• Pagaya Technologies reported a 31.0% year-over-year increase in revenue despite missing the consensus earnings estimate, showcasing its growth potential in the financial technology space.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) had its price objective lifted by stock analysts at Benchmark from $42.00 to $48.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price objective would suggest a potential upside of 66.56% from the stock's previous close.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Pagaya Technologies from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Citigroup lifted their target price on shares of Pagaya Technologies from $16.50 to $40.00 and gave the company a "buy" rating in a report on Monday, July 21st. Keefe, Bruyette & Woods lifted their target price on shares of Pagaya Technologies from $27.00 to $38.00 and gave the company an "outperform" rating in a report on Friday. Stephens initiated coverage on shares of Pagaya Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 target price on the stock. Finally, Oppenheimer lifted their target price on shares of Pagaya Technologies from $16.00 to $25.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.40.

Pagaya Technologies Price Performance

Shares of NASDAQ PGY traded down $1.80 during mid-day trading on Friday, reaching $28.82. The company's stock had a trading volume of 2,543,231 shares, compared to its average volume of 2,550,317. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.79 and a current ratio of 1.79. Pagaya Technologies has a 1-year low of $8.20 and a 1-year high of $41.48. The stock has a 50-day moving average of $23.54 and a two-hundred day moving average of $15.83. The stock has a market capitalization of $2.18 billion, a P/E ratio of -5.71 and a beta of 5.95.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.42). The company had revenue of $326.40 million for the quarter, compared to analysts' expectations of $299.26 million. Pagaya Technologies had a positive return on equity of 9.28% and a negative net margin of 34.57%. The company's quarterly revenue was up 31.0% compared to the same quarter last year. During the same period last year, the business earned ($1.04) EPS. On average, equities research analysts anticipate that Pagaya Technologies will post 0.88 EPS for the current fiscal year.

Insider Activity

In other news, CTO Avital Pardo sold 54,254 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $20.24, for a total transaction of $1,098,100.96. Following the completion of the sale, the chief technology officer directly owned 1,042,950 shares of the company's stock, valued at $21,109,308. This trade represents a 4.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dan Petrozzo sold 8,484 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $30.15, for a total value of $255,792.60. Following the sale, the director directly owned 96,278 shares of the company's stock, valued at $2,902,781.70. This trade represents a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,353,907 shares of company stock worth $24,585,322. Corporate insiders own 47.59% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PGY. Frontier Capital Management Co. LLC acquired a new stake in shares of Pagaya Technologies during the 4th quarter worth approximately $28,070,000. Millennium Management LLC raised its position in Pagaya Technologies by 320.1% in the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock valued at $13,230,000 after purchasing an additional 961,944 shares during the last quarter. Point72 Asset Management L.P. raised its position in Pagaya Technologies by 284.3% in the 4th quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company's stock valued at $11,133,000 after purchasing an additional 886,539 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Pagaya Technologies by 359.6% during the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company's stock worth $7,675,000 after purchasing an additional 646,357 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Pagaya Technologies during the first quarter worth $6,465,000. 57.14% of the stock is owned by institutional investors.

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.

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