Pagaya Technologies Ltd. (NASDAQ:PGY) Given Average Recommendation of “Buy” by Analysts

Pagaya Technologies Ltd. (NASDAQ:PGY) has received an average rating of “Buy” from the eleven research firms that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $32.4286.

A number of equities analysts have recently commented on the stock. Citizens Jmp lifted their price target on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a research report on Friday, July 31st. Zacks Research downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Canaccord Genuity Group upped their target price on Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Texas Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Finally, B. Riley Financial upped their target price on shares of Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, July 31st.

Pagaya Technologies Stock Performance

Shares of NASDAQ PGY opened at $21.42 on Friday. The business’s 50-day simple moving average is $16.91 and its 200-day simple moving average is $14.92. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08. Pagaya Technologies has a 52 week low of $10.40 and a 52 week high of $44.99. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 15.75 and a beta of 5.33.

Pagaya Technologies (NASDAQ:PGY) last announced its earnings results on Thursday, May 7th. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.53. The firm had revenue of $317.94 million during the quarter, compared to analysts’ expectations of $323.85 million. Pagaya Technologies had a return on equity of 51.56% and a net margin of 9.12%.The company’s revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.10 earnings per share. As a group, equities research analysts expect that Pagaya Technologies will post 2.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Pagaya Technologies

In related news, CEO Gal Krubiner acquired 16,230 shares of the firm’s stock in a transaction on Wednesday, June 24th. The shares were purchased at an average price of $15.43 per share, with a total value of $250,428.90. Following the acquisition, the chief executive officer directly owned 555,906 shares in the company, valued at $8,577,629.58. The trade was a 3.01% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Evangelos Perros sold 11,558 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $16.23, for a total transaction of $187,586.34. Following the sale, the insider directly owned 131,241 shares in the company, valued at $2,130,041.43. This trade represents a 8.09% decrease in their ownership of the stock. 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 have sold 107,560 shares of company stock worth $2,011,541 over the last quarter. Corporate insiders own 41.99% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Large investors have recently made changes to their positions in the stock. SPX Gestao de Recursos Ltda raised its position in Pagaya Technologies by 49.7% during the first quarter. SPX Gestao de Recursos Ltda now owns 180,100 shares of the company’s stock worth $2,098,000 after acquiring an additional 59,800 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Pagaya Technologies in the first quarter valued at approximately $1,426,000. Watershed Asset Management L.L.C. acquired a new stake in shares of Pagaya Technologies during the 1st quarter worth $463,000. Q Global Advisors LLC increased its holdings in 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 buying an additional 410,996 shares during the period. Finally, Edgestream Partners L.P. raised its position in Pagaya Technologies by 353.2% during the first 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 in the last quarter. Institutional investors own 57.14% of the company’s stock.

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.