Canaccord Genuity Group Reiterates Buy Rating for Pagaya Technologies (NASDAQ:PGY)

Pagaya Technologies (NASDAQ:PGY)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity Group in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $32.00 price target on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 151.67% from the company’s previous close.

A number of other equities analysts have also commented on the stock. Benchmark decreased their price objective on shares of Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Jefferies Financial Group decreased their target price on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Zacks Research cut Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Freedom Capital raised Pagaya Technologies to a “strong-buy” rating in a research report on Tuesday, February 3rd. Finally, Weiss Ratings cut Pagaya Technologies from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.11.

Pagaya Technologies Price Performance

NASDAQ:PGY traded down $0.83 during trading hours on Monday, reaching $12.72. 2,014,709 shares of the company’s stock were exchanged, compared to its average volume of 3,877,244. The company has a market capitalization of $1.05 billion, a P/E ratio of 11.89 and a beta of 5.42. Pagaya Technologies has a 12 month low of $10.40 and a 12 month high of $44.99. The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25. The business’s 50-day simple moving average is $12.65 and its two-hundred day simple moving average is $18.03.

Pagaya Technologies (NASDAQ:PGY) last issued 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 for the quarter. Sell-side analysts expect that Pagaya Technologies will post 2.24 EPS for the current fiscal year.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 9,702 shares of Pagaya Technologies stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $10.99, for a total transaction of $106,624.98. Following the completion of the sale, the president owned 144,034 shares of the company’s stock, valued at $1,582,933.66. This trade represents a 6.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Tami Rosen sold 9,720 shares of Pagaya Technologies stock in a transaction on Friday, April 17th. The shares were sold at an average price of $15.14, for a total transaction of $147,160.80. Following the sale, the director directly owned 37,544 shares of the company’s stock, valued at $568,416.16. This trade represents a 20.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 46,756 shares of company stock valued at $558,738 in the last quarter. Company insiders own 47.59% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

A number of institutional investors have recently modified their holdings of PGY. AQR Capital Management LLC boosted its stake in shares of Pagaya Technologies by 2,722.3% during the 1st quarter. AQR Capital Management LLC now owns 305,710 shares of the company’s stock valued at $3,204,000 after buying an additional 294,878 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Pagaya Technologies by 11.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company’s stock valued at $653,000 after buying an additional 6,365 shares during the period. Millennium Management LLC lifted its stake in shares of Pagaya Technologies by 320.1% in the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock valued at $13,230,000 after purchasing an additional 961,944 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Pagaya Technologies by 26.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock valued at $17,871,000 after purchasing an additional 359,099 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Pagaya Technologies by 19.0% in the 2nd quarter. Legal & General Group Plc now owns 34,909 shares of the company’s stock valued at $744,000 after purchasing an additional 5,580 shares during the last quarter. Institutional investors and hedge funds own 57.14% of the company’s stock.

About Pagaya Technologies

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.