JPMorgan Chase & Co. Has $31.26 Million Stake in Pagaya Technologies Ltd. $PGY

JPMorgan Chase & Co. lowered its stake in Pagaya Technologies Ltd. (NASDAQ:PGY) by 24.0% in the third quarter, Holdings Channel reports. The fund owned 1,052,701 shares of the company’s stock after selling 332,578 shares during the quarter. JPMorgan Chase & Co.’s holdings in Pagaya Technologies were worth $31,255,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc acquired a new position in Pagaya Technologies during the 3rd quarter worth approximately $25,000. LSV Asset Management bought a new stake in shares of Pagaya Technologies during the third quarter worth $36,000. State of Alaska Department of Revenue acquired a new position in shares of Pagaya Technologies during the third quarter worth $84,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Pagaya Technologies during the third quarter worth $98,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Pagaya Technologies by 177.8% in the second quarter. Tower Research Capital LLC TRC now owns 6,561 shares of the company’s stock valued at $140,000 after buying an additional 4,199 shares during the period. 57.14% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PGY shares. Canaccord Genuity Group cut their target price on shares of Pagaya Technologies from $39.00 to $32.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Citigroup dropped their price target on shares of Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Keefe, Bruyette & Woods cut their price target 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. Zacks Research downgraded Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Finally, Freedom Capital raised Pagaya Technologies to a “strong-buy” rating in a report on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.11.

Pagaya Technologies Stock Performance

Shares of PGY opened at $11.19 on Friday. The company has a current ratio of 11.41, a quick ratio of 11.41 and a debt-to-equity ratio of 1.16. The firm’s fifty day simple moving average is $18.96 and its two-hundred day simple moving average is $25.98. Pagaya Technologies Ltd. has a 12 month low of $8.50 and a 12 month high of $44.99. The stock has a market capitalization of $899.68 million, a P/E ratio of 12.57 and a beta of 5.85.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Monday, February 9th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate 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%.The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period last year, the company posted $0.17 EPS. As a group, analysts predict that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Evangelos Perros sold 9,750 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $22.99, for a total transaction of $224,152.50. Following the transaction, the chief financial officer owned 100,212 shares in the company, valued at $2,303,873.88. The trade was a 8.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tami Rosen sold 7,561 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $30.73, for a total transaction of $232,349.53. Following the transaction, the insider directly owned 37,544 shares in the company, valued at approximately $1,153,727.12. This represents a 16.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.

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.