Pagaya Technologies (NASDAQ:PGY) Stock Moved Down to “Hold” by Zacks Research

Pagaya Technologies (NASDAQ:PGY) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

PGY has been the subject of a number of other reports. Citizens Jmp upped their target price on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, July 31st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Pagaya Technologies in a research report on Monday, September 14th. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Canaccord Genuity Group raised their price objective on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Finally, B. Riley Financial lifted their price objective on Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $31.25.

Pagaya Technologies Trading Up 2.2%

Shares of NASDAQ:PGY opened at $17.37 on Monday. The stock’s 50-day simple moving average is $20.39 and its two-hundred day simple moving average is $16.44. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 12.77 and a beta of 5.35. Pagaya Technologies has a 52-week low of $10.40 and a 52-week high of $33.12. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08.

Insider Buying and Selling at Pagaya Technologies

In other news, President Sanjiv Das sold 14,300 shares of Pagaya Technologies stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $17.04, for a total transaction of $243,672.00. Following the sale, the president owned 173,864 shares in the company, valued at $2,962,642.56. This trade represents a 7.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cory Vieira sold 2,170 shares of the company’s stock in a transaction on Monday, September 28th. The stock was sold at an average price of $17.04, for a total transaction of $36,976.80. Following the transaction, the chief accounting officer owned 25,160 shares of the company’s stock, valued at approximately $428,726.40. This represents a 7.94% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 96,131 shares of company stock valued at $1,983,649 in the last three months. 41.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Pagaya Technologies by 141.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company’s stock worth $12,040,000 after buying an additional 602,992 shares in the last quarter. Q Global Advisors LLC lifted its stake in shares of Pagaya Technologies by 324.8% in the 1st quarter. Q Global Advisors LLC now owns 537,551 shares of the company’s stock valued at $6,262,000 after purchasing an additional 410,996 shares during the last quarter. Edgestream Partners L.P. increased its position in shares of Pagaya Technologies by 353.2% during the 1st quarter. Edgestream Partners L.P. now owns 373,771 shares of the company’s stock valued at $4,354,000 after purchasing an additional 291,291 shares during the last quarter. Principal Financial Group Inc. lifted its position in Pagaya Technologies by 211.0% in the first quarter. Principal Financial Group Inc. now owns 375,212 shares of the company’s stock worth $4,371,000 after buying an additional 254,550 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake in Pagaya Technologies by 614.7% during the second quarter. Squarepoint Ops LLC now owns 252,036 shares of the company’s stock worth $4,600,000 after buying an additional 216,770 shares during the period. 57.14% of the stock is currently owned by institutional investors.

About Pagaya Technologies

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company’s Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.