Divisadero Street Capital Management LP Boosts Stock Position in Pagaya Technologies Ltd. $PGY

Divisadero Street Capital Management LP increased its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY) by 79.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 416,919 shares of the company’s stock after purchasing an additional 185,000 shares during the quarter. Divisadero Street Capital Management LP’s holdings in Pagaya Technologies were worth $12,378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Bank of America Corp DE raised its position in Pagaya Technologies by 53.3% during the 3rd quarter. Bank of America Corp DE now owns 312,634 shares of the company’s stock valued at $9,282,000 after purchasing an additional 108,635 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in shares of Pagaya Technologies during the third quarter valued at approximately $493,000. Adams Street Partners LLC purchased a new stake in Pagaya Technologies in the third quarter worth $10,526,000. Algert Global LLC lifted its stake in Pagaya Technologies by 101.2% in the third quarter. Algert Global LLC now owns 52,280 shares of the company’s stock worth $1,552,000 after acquiring an additional 26,300 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in Pagaya Technologies by 9.1% in the third quarter. Alliancebernstein L.P. now owns 48,090 shares of the company’s stock valued at $1,428,000 after acquiring an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors own 57.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PGY shares. Citigroup reduced their price objective on shares of Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating on the stock in a research report on Thursday, February 12th. Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, March 4th. Freedom Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a report on Tuesday, February 3rd. Finally, Keefe, Bruyette & Woods cut their price objective on Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating on the stock in a research report on Friday, January 2nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Pagaya Technologies has a consensus rating of “Moderate Buy” and an average price target of $33.11.

Insiders Place Their Bets

In other news, President Sanjiv Das sold 3,945 shares of Pagaya Technologies stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $22.99, for a total transaction of $90,695.55. Following the completion of the transaction, the president directly owned 129,986 shares in the company, valued at approximately $2,988,378.14. This trade represents a 2.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Evangelos Perros sold 9,750 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 100,212 shares in the company, valued at approximately $2,303,873.88. This represents a 8.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 21,256 shares of company stock worth $547,198. 47.59% of the stock is currently owned by company insiders.

Pagaya Technologies Price Performance

PGY opened at $10.96 on Monday. Pagaya Technologies Ltd. has a 12-month low of $8.50 and a 12-month high of $44.99. The company has a market cap of $881.18 million, a price-to-earnings ratio of 12.31 and a beta of 5.92. The company has a current ratio of 10.55, a quick ratio of 10.55 and a debt-to-equity ratio of 1.22. The stock has a fifty day simple moving average of $16.84 and a two-hundred day simple moving average of $24.41.

Pagaya Technologies (NASDAQ:PGY) last released its earnings results on Monday, February 9th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.05. The firm had revenue of $334.81 million for the quarter, compared to the consensus estimate of $348.75 million. Pagaya Technologies had a net margin of 6.25% and a return on equity of 44.24%. The company’s revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.17 EPS. Research analysts predict that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current fiscal year.

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.