HarbourVest Partners LLC Buys New Shares in Pagaya Technologies Ltd. $PGY

HarbourVest Partners LLC purchased a new stake in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 112,591 shares of the company’s stock, valued at approximately $3,343,000. Pagaya Technologies comprises about 1.6% of HarbourVest Partners LLC’s portfolio, making the stock its 4th biggest holding. HarbourVest Partners LLC owned about 0.15% of Pagaya Technologies as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Versant Capital Management Inc bought a new stake in shares of Pagaya Technologies during the 3rd quarter valued at about $25,000. LSV Asset Management acquired a new stake in Pagaya Technologies during the third quarter worth approximately $36,000. State of Alaska Department of Revenue bought a new stake in Pagaya Technologies in the third quarter worth approximately $84,000. Pilgrim Partners Asia Pte Ltd bought a new stake in Pagaya Technologies in the third quarter worth approximately $98,000. Finally, RiverPark Advisors LLC acquired a new position in Pagaya Technologies in the third quarter valued at approximately $115,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Pagaya Technologies

In related news, CFO Evangelos Perros sold 9,750 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $22.99, for a total value of $224,152.50. Following the sale, the chief financial officer owned 100,212 shares in the company, valued at $2,303,873.88. This represents a 8.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Tami Rosen sold 7,561 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $30.73, for a total value of $232,349.53. Following the sale, the insider directly owned 37,544 shares of the company’s stock, valued at $1,153,727.12. This represents a 16.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 21,256 shares of company stock valued at $547,198 over the last three months. Corporate insiders own 47.59% of the company’s stock.

Analyst Ratings Changes

PGY has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. Keefe, Bruyette & Woods dropped their target price on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, January 2nd. Citigroup cut their target price on shares of Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Zacks Research cut shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Finally, Freedom Capital raised shares of Pagaya Technologies to a “strong-buy” rating in a research note on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $33.11.

Pagaya Technologies Price Performance

Shares of PGY opened at $10.96 on Friday. Pagaya Technologies Ltd. has a 12-month low of $8.50 and a 12-month high of $44.99. The business’s fifty day moving average is $16.84 and its 200 day moving average is $24.55. The company has a quick ratio of 10.55, a current ratio of 10.55 and a debt-to-equity ratio of 1.22. The stock has a market cap of $881.18 million, a P/E ratio of 12.31 and a beta of 5.92.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Monday, February 9th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.05. Pagaya Technologies had a net margin of 6.25% and a return on equity of 44.24%. The business had revenue of $334.81 million during the quarter, compared to analyst estimates of $348.75 million. During the same quarter in the previous year, the business posted $0.17 EPS. Pagaya Technologies’s quarterly revenue was up 19.8% on a year-over-year basis. Sell-side analysts anticipate that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current fiscal year.

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.