Pagaya Technologies (NASDAQ:PGY) Stock Price Expected to Rise, B. Riley Financial Analyst Says

Key Points

• B. Riley Financial raised Pagaya Technologies’ price target from $32 to $36 and maintained a “buy” rating, implying approximately 90.78% upside from the prior close.
• Analyst sentiment is broadly positive: Pagaya has a consensus “Buy” rating and an average target price of $32.43, with Citizens JMP and Canaccord Genuity also recently raising their targets.
• Pagaya shares recently traded at $18.87, while the stock remains highly volatile, with a beta of 5.32 and a 12-month range of $10.40 to $44.99; insiders have sold roughly $923,764 of shares over the past three months.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) had its price objective hoisted by research analysts at B. Riley Financial from $32.00 to $36.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. B. Riley Financial's target price would indicate a potential upside of 90.78% from the company's previous close.

Other analysts have also issued reports about the stock. Citizens Jmp increased their price target on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a "market outperform" rating in a research report on Friday. Texas Capital upgraded Pagaya Technologies to a "strong-buy" rating in a research report on Wednesday, June 10th. Canaccord Genuity Group upped their target price on Pagaya Technologies from $32.00 to $36.00 and gave the company a "buy" rating in a research note on Friday. Weiss Ratings upgraded Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, June 18th. Finally, Zacks Research downgraded Pagaya Technologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $32.43.

Pagaya Technologies Price Performance

Shares of NASDAQ:PGY traded up $1.23 during midday trading on Friday, hitting $18.87. 3,793,770 shares of the stock were exchanged, compared to its average volume of 3,810,463. Pagaya Technologies has a twelve month low of $10.40 and a twelve 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 50 day moving average price of $16.10 and a 200-day moving average price of $14.99. The stock has a market cap of $1.56 billion, a P/E ratio of 17.62 and a beta of 5.32.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last issued its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) EPS for the quarter. The business had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. On average, research analysts forecast that Pagaya Technologies will post 2.92 earnings per share for the current year.

Insider Activity at Pagaya Technologies

In other news, President Sanjiv Das sold 14,000 shares of Pagaya Technologies stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $15.83, for a total transaction of $221,620.00. Following the completion of the sale, the president directly owned 165,475 shares in the company, valued at $2,619,469.25. The trade was a 7.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 business's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the transaction, the chief accounting officer directly owned 18,179 shares of the company's stock, valued at approximately $272,866.79. This represents 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 58,090 shares of company stock worth $923,764 over the last three months. Company insiders own 41.99% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Root Financial Partners LLC acquired a new stake in shares of Pagaya Technologies during the fourth quarter worth $27,000. Aster Capital Management DIFC Ltd increased its stake in Pagaya Technologies by 351.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company's stock valued at $29,000 after purchasing an additional 1,084 shares during the last quarter. Transamerica Financial Advisors LLC purchased a new position in Pagaya Technologies during the fourth quarter worth about $30,000. Quarry LP lifted its position in Pagaya Technologies by 330.8% during the fourth quarter. Quarry LP now owns 1,663 shares of the company's stock worth $35,000 after buying an additional 1,277 shares during the period. Finally, Empowered Funds LLC acquired a new stake in Pagaya Technologies in the 4th quarter worth about $52,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

More Pagaya Technologies News

Here are the key news stories impacting Pagaya Technologies this week:

• Positive Sentiment: Q2 earnings and revenue exceeded expectations. Pagaya reported $1.07 in EPS versus the $0.32 analyst consensus, while revenue rose 15.1% year over year to $387.04 million, ahead of the $356.53 million estimate. Pagaya Technologies Q2 earnings report
• Positive Sentiment: Profitability and platform activity reached records. Management highlighted record net income and network volume, while processing more loans and generating higher total profits despite earning less revenue per dollar processed. Pagaya stock rises after Q2 results
• Positive Sentiment: Full-year net income guidance was raised. The improved earnings outlook reinforces the view that Pagaya’s AI-driven lending network is benefiting from operating leverage. Pagaya reports second-quarter results
• Positive Sentiment: Analysts raised their targets. Citizens JMP increased its target from $22 to $25 with a “market outperform” rating, while Canaccord Genuity raised its target from $32 to $36 and maintained a “buy” rating.
• Negative Sentiment: Revenue guidance was somewhat disappointing. Pagaya forecast third-quarter revenue of $370 million-$390 million, below the $396.4 million consensus, and full-year revenue of $1.4 billion-$1.5 billion versus expectations of $1.5 billion. This could limit the upside reaction despite the strong earnings beat. Pagaya Technologies Q2 adjusted earnings and revenue

About Pagaya Technologies

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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