Pagaya Technologies Ltd. (NASDAQ:PGY) Receives Consensus Recommendation of “Buy” from Brokerages

Pagaya Technologies Ltd. (NASDAQ:PGY) has received an average recommendation of “Buy” from the eleven research firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and three have given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $32.4286.

A number of analysts recently weighed in on the company. Canaccord Genuity Group increased their price objective on Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a report on Friday, July 31st. Zacks Research raised Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. B. Riley Financial upped their price target on Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Finally, Citizens Jmp raised their price objective on Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday, July 31st.

Pagaya Technologies Price Performance

PGY stock opened at $21.46 on Friday. The company has a fifty day moving average price of $17.51 and a 200-day moving average price of $14.90. The company has a market capitalization of $1.79 billion, a P/E ratio of 15.78 and a beta of 5.33. Pagaya Technologies has a 52-week low of $10.40 and a 52-week high of $44.99. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08.

Insider Buying and Selling

In other news, CEO Gal Krubiner acquired 16,230 shares of Pagaya Technologies stock in a transaction dated Wednesday, June 24th. The shares were bought at an average cost of $15.43 per share, with a total value of $250,428.90. Following the purchase, the chief executive officer owned 555,906 shares in the company, valued at $8,577,629.58. This trade represents a 3.01% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Evangelos Perros sold 11,558 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $16.23, for a total transaction of $187,586.34. Following the sale, the insider owned 131,241 shares of the company’s stock, valued at approximately $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. In the last 90 days, insiders sold 107,560 shares of company stock worth $2,011,541. Corporate insiders own 41.99% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its stake in Pagaya Technologies by 75.2% during the fourth quarter. Millennium Management LLC now owns 1,738,760 shares of the company’s stock worth $36,340,000 after purchasing an additional 746,216 shares during the period. Goldman Sachs Group Inc. lifted its stake in Pagaya Technologies by 26.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock valued at $17,871,000 after buying an additional 359,099 shares during the period. Two Sigma Investments LP boosted its holdings in shares of Pagaya Technologies by 5.2% during the 3rd quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock worth $43,127,000 after buying an additional 71,639 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Pagaya Technologies by 27.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company’s stock worth $28,300,000 after buying an additional 290,379 shares during the period. Finally, Nuveen LLC grew its position in shares of Pagaya Technologies by 3.7% during the 4th quarter. Nuveen LLC now owns 1,299,274 shares of the company’s stock worth $27,155,000 after buying an additional 46,536 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.