Pagaya Technologies (NASDAQ:PGY) Stock Price Up 12.3% - Still a Buy?

Key Points

• Pagaya Technologies shares jumped 12.3% in midday trading, briefly reaching $15.55 after closing at $13.96 the prior day, though volume was below average.
• Wall Street sentiment remains broadly positive: the stock has a consensus Buy rating with an average price target of $33.11, even after some firms trimmed their targets.
• The company reported Q1 revenue of $91.63 million, while analysts expect Pagaya to earn 2.92 EPS for the current fiscal year; insider selling and heavy institutional ownership were also notable in the report.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s share price rose 12.3% during mid-day trading on Thursday . The company traded as high as $15.55 and last traded at $15.6730. Approximately 1,742,905 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 3,844,725 shares. The stock had previously closed at $13.96.

Wall Street Analyst Weigh In

Several research firms have weighed in on PGY. Benchmark dropped their target price on shares of Pagaya Technologies from $48.00 to $33.00 and set a "buy" rating for the company in a report on Tuesday, February 10th. Zacks Research raised shares of Pagaya Technologies from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. Citigroup decreased their target price on shares of 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 reissued a "buy" rating and issued a $32.00 target price on shares of Pagaya Technologies in a research note on Monday, May 18th. Finally, Weiss Ratings cut shares of Pagaya Technologies from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $33.11.

Pagaya Technologies Trading Up 13.3%

The firm has a market cap of $1.31 billion, a P/E ratio of 14.79 and a beta of 5.35. The business's 50-day moving average is $13.30 and its two-hundred day moving average is $16.90. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09.

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 during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. As a group, analysts predict that Pagaya Technologies Ltd. will post 2.92 earnings per share for the current fiscal year.

Insider Activity

In other news, President Sanjiv Das sold 9,702 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $10.99, for a total value of $106,624.98. Following the completion of the transaction, the president directly owned 144,034 shares in the company, valued at approximately $1,582,933.66. The trade was a 6.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Tami Rosen sold 9,720 shares of the business's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $15.14, for a total transaction of $147,160.80. Following the completion of the transaction, the director owned 37,544 shares of the company's stock, valued at $568,416.16. The trade was a 20.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 46,756 shares of company stock worth $558,738. 47.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC grew its holdings in shares of Pagaya Technologies by 75.2% during the 4th quarter. Millennium Management LLC now owns 1,738,760 shares of the company's stock valued at $36,340,000 after purchasing an additional 746,216 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Pagaya Technologies by 26.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company's stock valued at $17,871,000 after acquiring an additional 359,099 shares during the period. Two Sigma Investments LP grew its stake in shares of Pagaya Technologies by 5.2% in the third quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company's stock worth $43,127,000 after purchasing an additional 71,639 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Pagaya Technologies by 27.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company's stock worth $28,300,000 after purchasing an additional 290,379 shares during the last quarter. Finally, Nuveen LLC grew its stake in shares of Pagaya Technologies by 3.7% in the fourth quarter. Nuveen LLC now owns 1,299,274 shares of the company's stock worth $27,155,000 after purchasing an additional 46,536 shares during the last quarter. 57.14% of the stock is owned by institutional investors.

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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