Federated Hermes Inc. Boosts Position in Pagaya Technologies Ltd. $PGY

Federated Hermes Inc. increased its position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) by 40.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 600,140 shares of the company’s stock after acquiring an additional 174,033 shares during the quarter. Federated Hermes Inc. owned approximately 0.78% of Pagaya Technologies worth $17,818,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in Pagaya Technologies by 436.9% during the second quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company’s stock worth $29,534,000 after purchasing an additional 1,127,242 shares during the period. BNP Paribas Financial Markets raised its position in shares of Pagaya Technologies by 1,231.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company’s stock valued at $25,591,000 after buying an additional 1,110,208 shares during the period. Millennium Management LLC lifted its holdings in Pagaya Technologies by 320.1% in the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock valued at $13,230,000 after acquiring an additional 961,944 shares during the last quarter. Jump Financial LLC grew its position in Pagaya Technologies by 509.6% in the second quarter. Jump Financial LLC now owns 672,635 shares of the company’s stock worth $14,341,000 after acquiring an additional 562,294 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Pagaya Technologies during the second quarter worth $8,760,000. Hedge funds and other institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Stock Performance

NASDAQ PGY opened at $19.39 on Friday. The company has a debt-to-equity ratio of 1.16, a current ratio of 11.41 and a quick ratio of 11.41. The company has a market cap of $1.56 billion, a P/E ratio of -7.26 and a beta of 5.86. The stock has a 50-day moving average of $22.93 and a two-hundred day moving average of $28.30. Pagaya Technologies Ltd. has a 1-year low of $8.50 and a 1-year high of $44.99.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Monday, November 10th. The company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.56 by $0.46. Pagaya Technologies had a negative net margin of 15.32% and a positive return on equity of 31.59%. The business had revenue of $350.17 million during the quarter, compared to analyst estimates of $338.86 million. During the same quarter last year, the firm posted $0.44 earnings per share. The business’s revenue for the quarter was up 36.3% compared to the same quarter last year. As a group, analysts anticipate that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Insiders Place Their Bets

In other news, President Sanjiv Das sold 3,945 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $22.99, for a total transaction of $90,695.55. Following the sale, the president owned 129,986 shares of the company’s stock, valued at approximately $2,988,378.14. This represents a 2.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tami Rosen sold 7,561 shares of Pagaya Technologies stock in a transaction on Friday, December 19th. The shares were sold at an average price of $30.73, for a total value of $232,349.53. Following the completion of the transaction, the insider owned 37,544 shares of the company’s stock, valued at approximately $1,153,727.12. This trade represents a 16.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 21,256 shares of company stock worth $547,198 over the last 90 days. Corporate insiders own 47.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wall Street Zen lowered Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 6th. Canaccord Genuity Group upped their target price on shares of Pagaya Technologies from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday, November 11th. Keefe, Bruyette & Woods lowered their target price on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, January 2nd. Zacks Research raised shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Pagaya Technologies in a research report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $37.25.

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.