JPMorgan Chase & Co. Sells 332,578 Shares of Pagaya Technologies Ltd. $PGY

JPMorgan Chase & Co. trimmed its stake in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) by 24.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,052,701 shares of the company’s stock after selling 332,578 shares during the quarter. JPMorgan Chase & Co. owned about 1.37% of Pagaya Technologies worth $31,255,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Versant Capital Management Inc bought a new position in Pagaya Technologies in the 3rd quarter valued at about $25,000. LSV Asset Management bought a new stake in shares of Pagaya Technologies during the third quarter worth approximately $36,000. State of Alaska Department of Revenue acquired a new position in shares of Pagaya Technologies in the third quarter valued at approximately $84,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Pagaya Technologies during the third quarter worth approximately $98,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Pagaya Technologies by 177.8% during the second quarter. Tower Research Capital LLC TRC now owns 6,561 shares of the company’s stock worth $140,000 after purchasing an additional 4,199 shares during the period. 57.14% of the stock is owned by institutional investors.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 3,945 shares of the business’s 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 $2,988,378.14. The trade was a 2.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Tami Rosen sold 7,561 shares of the company’s stock in a transaction 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 owned 37,544 shares of the company’s stock, valued at $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. Insiders have sold 21,256 shares of company stock valued at $547,198 over the last three months. 47.59% of the stock is owned by insiders.

Pagaya Technologies Stock Down 9.8%

PGY stock opened at $11.19 on Friday. Pagaya Technologies Ltd. has a 52 week low of $8.50 and a 52 week high of $44.99. The business has a 50-day simple moving average of $18.96 and a 200 day simple moving average of $25.98. The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 1.16. The company has a market cap of $899.68 million, a PE ratio of 12.57 and a beta of 5.85.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PGY shares. Jefferies Financial Group lowered their price objective on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Canaccord Genuity Group decreased their price target on shares of Pagaya Technologies from $39.00 to $32.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Citigroup dropped their price objective on shares of Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Wall Street Zen downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, January 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Pagaya Technologies has an average rating of “Moderate Buy” and a consensus price target of $33.11.

Pagaya Technologies 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.