Citigroup Lowers Pagaya Technologies (NASDAQ:PGY) Price Target to $32.00

Pagaya Technologies (NASDAQ:PGY) had its price target cut by stock analysts at Citigroup from $40.00 to $32.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 158.13% from the company’s previous close.

Several other brokerages have also commented on PGY. Jefferies Financial Group dropped their price target on shares of Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday. Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Canaccord Genuity Group dropped their price objective on Pagaya Technologies from $39.00 to $32.00 and set a “buy” rating for the company in a report on Tuesday. Wall Street Zen lowered Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Pagaya Technologies in a research report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.11.

Pagaya Technologies Price Performance

NASDAQ:PGY traded down $0.47 during trading hours on Thursday, hitting $12.40. The company’s stock had a trading volume of 4,549,099 shares, compared to its average volume of 4,825,778. Pagaya Technologies has a 52-week low of $8.50 and a 52-week high of $44.99. The company has a debt-to-equity ratio of 1.16, a quick ratio of 11.41 and a current ratio of 11.41. The business’s 50-day moving average is $21.75 and its two-hundred day moving average is $27.52. The company has a market capitalization of $996.72 million, a PE ratio of 13.89 and a beta of 5.85.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Monday, February 9th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.75 by $0.05. The business had revenue of $334.81 million for the quarter, compared to analyst estimates of $348.75 million. Pagaya Technologies had a return on equity of 45.94% and a net margin of 6.25%.The company’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 EPS. As a group, research analysts anticipate that Pagaya Technologies will post 0.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Evangelos Perros sold 9,750 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $22.99, for a total value of $224,152.50. Following the sale, the chief financial officer directly owned 100,212 shares of the company’s stock, valued at approximately $2,303,873.88. This represents a 8.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 transaction of $232,349.53. Following the completion of the transaction, the insider owned 37,544 shares of the company’s stock, valued at approximately $1,153,727.12. The trade was a 16.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 21,256 shares of company stock worth $547,198. 47.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PGY. Versant Capital Management Inc purchased a new position in shares of Pagaya Technologies in the third quarter valued at about $25,000. Root Financial Partners LLC bought a new stake in Pagaya Technologies in the 4th quarter worth approximately $27,000. LSV Asset Management purchased a new stake in shares of Pagaya Technologies during the 3rd quarter worth approximately $36,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Pagaya Technologies by 35.8% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company’s stock valued at $42,000 after acquiring an additional 520 shares during the last quarter. Finally, Empowered Funds LLC purchased a new position in shares of Pagaya Technologies in the fourth quarter valued at $52,000. Hedge funds and other institutional investors 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.