Brokerages Set Pagaya Technologies Ltd. (NASDAQ:PGY) PT at $26.94

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) have been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $26.94.

A number of brokerages have commented on PGY. Canaccord Genuity Group reiterated a “buy” rating and set a $42.00 target price on shares of Pagaya Technologies in a report on Thursday, May 9th. JMP Securities restated a “market outperform” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a research report on Friday, June 7th. Keefe, Bruyette & Woods initiated coverage on Pagaya Technologies in a research report on Monday, June 17th. They set an “outperform” rating and a $23.00 price objective for the company. Benchmark reissued a “buy” rating and issued a $22.00 target price on shares of Pagaya Technologies in a research note on Friday, May 10th. Finally, Citigroup initiated coverage on shares of Pagaya Technologies in a research note on Friday, May 24th. They set a “neutral” rating and a $14.00 price target on the stock.

Pagaya Technologies Price Performance

Shares of NASDAQ PGY opened at $15.14 on Thursday. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.61. The company’s 50-day moving average price is $12.58 and its 200 day moving average price is $12.73. Pagaya Technologies has a 52 week low of $8.56 and a 52 week high of $33.96. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -10.73 and a beta of 6.44.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.19). Pagaya Technologies had a negative net margin of 10.53% and a negative return on equity of 4.23%. The business had revenue of $237.00 million during the quarter, compared to analysts’ expectations of $229.45 million. During the same period last year, the company earned ($0.48) EPS. As a group, research analysts forecast that Pagaya Technologies will post -0.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Evangelos Perros sold 11,293 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $12.15, for a total value of $137,209.95. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Nicole Torraco sold 4,743 shares of Pagaya Technologies stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $12.04, for a total value of $57,105.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Evangelos Perros sold 11,293 shares of the business’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $12.15, for a total value of $137,209.95. The disclosure for this sale can be found here. 19.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of large investors have recently modified their holdings of PGY. Yarra Square Partners LP purchased a new position in shares of Pagaya Technologies in the 4th quarter valued at $4,099,000. Allspring Global Investments Holdings LLC purchased a new stake in Pagaya Technologies during the 1st quarter worth $12,686,000. Hood River Capital Management LLC acquired a new stake in Pagaya Technologies in the 1st quarter valued at $9,265,000. Quadrature Capital Ltd purchased a new position in Pagaya Technologies in the fourth quarter valued at about $1,079,000. Finally, ARK Investment Management LLC raised its position in Pagaya Technologies by 58.8% in the fourth quarter. ARK Investment Management LLC now owns 1,489,697 shares of the company’s stock valued at $2,056,000 after purchasing an additional 551,520 shares during the period. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

About Pagaya Technologies

Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial institutions and investors in the United States, Israel, the Cayman Islands, and internationally. The company develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets.