Pagaya Technologies (NASDAQ:PGY) Rating Lowered to “Hold” at Zacks Research

Pagaya Technologies (NASDAQ:PGY) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other research firms also recently issued reports on PGY. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 18th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 target price on shares of Pagaya Technologies in a research report on Monday, May 18th. Finally, Texas Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $35.86.

Pagaya Technologies Price Performance

Shares of NASDAQ PGY opened at $18.34 on Monday. The company has a fifty day moving average price of $14.94 and a 200 day moving average price of $15.67. The firm has a market cap of $1.52 billion, a PE ratio of 17.14 and a beta of 5.32. The company has a current ratio of 12.09, a quick ratio of 12.09 and a debt-to-equity ratio of 1.25. Pagaya Technologies has a 1-year low of $10.40 and a 1-year high of $44.99.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) earnings per share (EPS) for the quarter. The firm had revenue of $91.63 million for the quarter. Pagaya Technologies had a return on equity of 44.75% and a net margin of 7.39%. Research analysts predict that Pagaya Technologies will post 2.92 earnings per share for the current fiscal year.

Insider Transactions at Pagaya Technologies

In other news, CEO Gal Krubiner acquired 16,230 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was bought at an average price of $15.43 per share, with a total value of $250,428.90. Following the transaction, the chief executive officer directly owned 555,906 shares in the company, valued at approximately $8,577,629.58. The trade was a 3.01% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Cory Vieira sold 2,140 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the sale, the chief accounting officer directly owned 18,179 shares in the company, valued at approximately $272,866.79. The trade was a 10.53% 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. Over the last quarter, insiders have sold 67,810 shares of company stock valued at $1,070,925. 47.59% of the stock is owned by company insiders.

Institutional Trading of Pagaya Technologies

Hedge funds have recently made changes to their positions in the business. Root Financial Partners LLC bought a new stake in Pagaya Technologies in the 4th quarter valued at $27,000. Aster Capital Management DIFC Ltd boosted its position in Pagaya Technologies by 351.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company’s stock worth $29,000 after purchasing an additional 1,084 shares during the period. Transamerica Financial Advisors LLC acquired a new position in shares of Pagaya Technologies in the fourth quarter valued at $30,000. Quarry LP raised its position in shares of Pagaya Technologies by 330.8% in the fourth quarter. Quarry LP now owns 1,663 shares of the company’s stock valued at $35,000 after purchasing an additional 1,277 shares during the period. Finally, Empowered Funds LLC bought a new position in shares of Pagaya Technologies in the fourth quarter valued at about $52,000. 57.14% of the stock is owned by institutional investors and hedge funds.

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.