HarbourVest Partners LLC Makes New $3.34 Million Investment in Pagaya Technologies Ltd. $PGY

HarbourVest Partners LLC bought a new position in Pagaya Technologies Ltd. (NASDAQ:PGY) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 112,591 shares of the company’s stock, valued at approximately $3,343,000. Pagaya Technologies comprises approximately 1.6% of HarbourVest Partners LLC’s portfolio, making the stock its 4th biggest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc bought a new stake in Pagaya Technologies in the 3rd quarter worth about $25,000. LSV Asset Management bought a new position in shares of Pagaya Technologies during the 3rd quarter worth approximately $36,000. State of Alaska Department of Revenue bought a new position in shares of Pagaya Technologies during the 3rd quarter worth approximately $84,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Pagaya Technologies in the 3rd quarter worth approximately $98,000. Finally, RiverPark Advisors LLC purchased a new position in shares of Pagaya Technologies in the 3rd quarter worth approximately $115,000. Hedge funds and other institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Trading Up 0.5%

Shares of PGY stock opened at $10.96 on Friday. The company has a quick ratio of 10.55, a current ratio of 10.55 and a debt-to-equity ratio of 1.22. The firm has a market cap of $881.18 million, a P/E ratio of 12.31 and a beta of 5.92. The company has a 50 day moving average of $16.84 and a 200-day moving average of $24.55. Pagaya Technologies Ltd. has a 12-month low of $8.50 and a 12-month high of $44.99.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Monday, February 9th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.75 by $0.05. Pagaya Technologies had a return on equity of 44.24% and a net margin of 6.25%.The business had revenue of $334.81 million for the quarter, compared to the consensus estimate of $348.75 million. During the same quarter in the prior year, the business earned $0.17 earnings per share. Pagaya Technologies’s revenue for the quarter was up 19.8% on a year-over-year basis. Sell-side analysts anticipate that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Keefe, Bruyette & Woods decreased their price target on Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, January 2nd. Wall Street Zen cut Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. Jefferies Financial Group reduced their price objective on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Benchmark decreased their target price on Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Finally, Zacks Research cut Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.11.

Insider Buying and Selling at Pagaya Technologies

In other news, insider Tami Rosen sold 7,561 shares of the company’s 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 owned 37,544 shares of the company’s stock, valued at $1,153,727.12. This represents a 16.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Evangelos Perros sold 9,750 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $22.99, for a total value of $224,152.50. Following the transaction, the chief financial officer directly owned 100,212 shares in the company, valued at $2,303,873.88. This represents a 8.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 21,256 shares of company stock worth $547,198 over the last ninety days. 47.59% of the stock is currently owned by company insiders.

Pagaya Technologies 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.