Pagaya Technologies (NASDAQ:PGY) Price Target Lowered to $32.00 at Citigroup

Pagaya Technologies (NASDAQ:PGY) had its price target dropped by research analysts at Citigroup from $40.00 to $32.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 158.13% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Jefferies Financial Group decreased their price target on shares of Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Pagaya Technologies in a research note on Friday, January 9th. Keefe, Bruyette & Woods dropped their target price on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, January 2nd. Wall Street Zen downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. Finally, Freedom Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.11.

Pagaya Technologies Trading Down 3.7%

Shares of NASDAQ:PGY traded down $0.47 during trading on Thursday, hitting $12.40. The company had a trading volume of 4,549,099 shares, compared to its average volume of 4,825,778. The company has a fifty day simple moving average of $21.75 and a two-hundred day simple moving average of $27.52. Pagaya Technologies has a one year low of $8.50 and a one year high of $44.99. The stock has a market cap of $996.72 million, a price-to-earnings ratio of 13.89 and a beta of 5.85. The company has a debt-to-equity ratio of 1.16, a current ratio of 11.41 and a quick ratio of 11.41.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings results on Monday, February 9th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.05. The firm had revenue of $334.81 million during the quarter, compared to analyst estimates of $348.75 million. Pagaya Technologies had a return on equity of 45.94% and a net margin of 6.25%.Pagaya Technologies’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period last year, the company earned $0.17 EPS. As a group, equities analysts forecast that Pagaya Technologies will post 0.88 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Evangelos Perros sold 9,750 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $22.99, for a total value of $224,152.50. Following the transaction, the chief financial officer owned 100,212 shares in the company, valued at $2,303,873.88. This trade represents a 8.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tami Rosen sold 7,561 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was 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 in the company, valued at $1,153,727.12. The trade was a 16.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 21,256 shares of company stock worth $547,198. 47.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. G2 Investment Partners Management LLC purchased a new position in Pagaya Technologies in the 2nd quarter worth approximately $5,403,000. Federated Hermes Inc. lifted its stake in shares of Pagaya Technologies by 40.8% in the 3rd quarter. Federated Hermes Inc. now owns 600,140 shares of the company’s stock valued at $17,818,000 after acquiring an additional 174,033 shares during the last quarter. Jump Financial LLC boosted its stake in shares of Pagaya Technologies by 509.6% during the second quarter. Jump Financial LLC now owns 672,635 shares of the company’s stock valued at $14,341,000 after purchasing an additional 562,294 shares during the period. Walleye Capital LLC bought a new stake in Pagaya Technologies in the 2nd quarter worth $2,027,000. Finally, Hamilton Lane Advisors LLC bought a new stake in shares of Pagaya Technologies in the third quarter worth about $12,097,000. Institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

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.