Pagaya Technologies (NASDAQ:PGY) Trading 9.7% Higher on Analyst Upgrade

Key Points

• Pagaya Technologies shares rose 9.7% to about $21.13 after B. Riley Financial raised its price target from $32 to $36 and maintained a buy rating.
• Analyst sentiment remains broadly positive, with the stock carrying a consensus “Buy” rating and an average price target of $32.43, although one firm downgraded the shares to “Hold.”
• The company reported quarterly earnings of $0.73 per share, surpassing the $0.20 consensus estimate, while revenue increased 9.7% year over year to $317.94 million, slightly below expectations.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) shares were up 9.7% during mid-day trading on Monday after B. Riley Financial raised their price target on the stock from $32.00 to $36.00. B. Riley Financial currently has a buy rating on the stock. Pagaya Technologies traded as high as $20.92 and last traded at $21.1330. Approximately 951,159 shares were traded during trading, a decline of 75% from the average session volume of 3,812,117 shares. The stock had previously closed at $19.27.

A number of other analysts have also commented on PGY. Zacks Research lowered Pagaya Technologies from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Texas Capital raised shares of Pagaya Technologies to a "strong-buy" rating in a research note on Wednesday, June 10th. Canaccord Genuity Group boosted their price target on shares of Pagaya Technologies from $32.00 to $36.00 and gave the stock a "buy" rating in a research note on Friday. Weiss Ratings raised shares of Pagaya Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, June 18th. Finally, Citizens Jmp increased their price objective on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a "market outperform" rating in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $32.43.

Insider Transactions at Pagaya Technologies

In other news, CEO Gal Krubiner purchased 16,230 shares of Pagaya Technologies stock in a transaction dated Wednesday, June 24th. The shares were bought at an average cost of $15.43 per share, with a total value of $250,428.90. Following the completion of the transaction, the chief executive officer directly owned 555,906 shares in the company, valued at $8,577,629.58. This trade represents a 3.01% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tami Rosen sold 9,944 shares of the business's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $15.20, for a total transaction of $151,148.80. Following the completion of the transaction, the director directly owned 37,544 shares of the company's stock, valued at $570,668.80. This trade represents a 20.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 58,090 shares of company stock valued at $923,764. Corporate insiders own 41.99% of the company's stock.

Institutional Trading of Pagaya Technologies

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

Pagaya Technologies Trading Up 10.3%

The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08. The firm has a fifty day moving average price of $16.23 and a 200 day moving average price of $14.95. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 15.68 and a beta of 5.33.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.53. Pagaya Technologies had a net margin of 9.12% and a return on equity of 51.56%. The business had revenue of $317.94 million for the quarter, compared to the consensus estimate of $323.85 million. During the same period in the previous year, the company earned $0.10 earnings per share. The firm's revenue for the quarter was up 9.7% on a year-over-year basis. As a group, equities analysts predict that Pagaya Technologies Ltd. will post 2.92 EPS for the current fiscal year.

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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