Pagaya Technologies (NASDAQ:PGY) Upgraded to “Strong-Buy” at Texas Capital

Pagaya Technologies (NASDAQ:PGY) was upgraded by equities researchers at Texas Capital to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other research firms have also recently commented on PGY. Zacks Research raised Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 target price on shares of Pagaya Technologies in a research note on Monday, May 18th. Weiss Ratings cut Pagaya Technologies from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, April 24th. Jefferies Financial Group cut their target price on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Finally, Citigroup cut their target price on Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $34.50.

Pagaya Technologies Stock Up 8.6%

NASDAQ:PGY opened at $15.75 on Wednesday. The firm’s 50-day moving average price is $13.74 and its 200-day moving average price is $16.61. The company has a market capitalization of $1.31 billion, a PE ratio of 14.72 and a beta of 5.35. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09. Pagaya Technologies has a 1-year low of $10.40 and a 1-year high of $44.99.

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

Insider Activity

In other news, Director Tami Rosen sold 9,720 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $15.14, for a total transaction of $147,160.80. Following the transaction, the director directly owned 37,544 shares of the company’s stock, valued at $568,416.16. This represents a 20.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Evangelos Perros sold 13,004 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $11.34, for a total value of $147,465.36. Following the transaction, the chief financial officer directly owned 122,174 shares in the company, valued at approximately $1,385,453.16. The trade was a 9.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 24,864 shares of company stock valued at $326,748 over the last ninety days. 47.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. LSV Asset Management bought a new position in shares of Pagaya Technologies during the third quarter valued at $36,000. Root Financial Partners LLC bought a new position in shares of Pagaya Technologies during the fourth quarter valued at $27,000. Aster Capital Management DIFC Ltd lifted its holdings in Pagaya Technologies by 351.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company’s stock valued at $29,000 after acquiring an additional 1,084 shares during the period. Transamerica Financial Advisors LLC bought a new position in Pagaya Technologies in the fourth quarter valued at about $30,000. Finally, Quarry LP lifted its holdings in 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 acquiring an additional 1,277 shares during the period. 57.14% of the stock is owned by institutional investors.

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.