Pagaya Technologies (NASDAQ:PGY) Rating Lowered to Hold at Zacks Research

Pagaya Technologies (NASDAQ:PGY) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks reports.

Other research analysts also recently issued reports about the stock. Citizens Jmp raised their price objective on shares of Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, July 31st. Canaccord Genuity Group increased their price target on shares of Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, July 31st. B. Riley Financial boosted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Jefferies Financial Group boosted their target price on Pagaya Technologies from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Finally, TD Cowen began coverage on shares of Pagaya Technologies in a report on Thursday, September 3rd. They issued a “buy” rating and a $26.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $31.25.

Pagaya Technologies Stock Performance

Shares of PGY opened at $17.37 on Monday. Pagaya Technologies has a 1 year low of $10.40 and a 1 year high of $33.12. The company has a debt-to-equity ratio of 1.12, a current ratio of 11.08 and a quick ratio of 11.08. The stock’s fifty day moving average price is $20.39 and its two-hundred day moving average price is $16.44. The firm has a market cap of $1.45 billion, a PE ratio of 12.77 and a beta of 5.35.

Insider Buying and Selling at Pagaya Technologies

In related news, CAO Cory Vieira sold 2,170 shares of the business’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $17.04, for a total transaction of $36,976.80. Following the sale, the chief accounting officer owned 25,160 shares of the company’s stock, valued at $428,726.40. The trade was a 7.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Sanjiv Das sold 21,289 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $22.00, for a total transaction of $468,358.00. Following the transaction, the president directly owned 144,186 shares of the company’s stock, valued at $3,172,092. This represents a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 96,131 shares of company stock valued at $1,983,649. 41.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

Large investors have recently modified their holdings of the stock. Root Financial Partners LLC bought a new stake in Pagaya Technologies during the 4th quarter valued at about $27,000. First Bancorp Inc ME bought a new position in Pagaya Technologies in the 2nd quarter valued at approximately $36,000. Integrated Wealth Concepts LLC purchased a new stake in Pagaya Technologies during the 2nd quarter valued at $37,000. Allworth Financial LP raised its stake in shares of Pagaya Technologies by 300.4% in the second quarter. Allworth Financial LP now owns 3,592 shares of the company’s stock worth $66,000 after purchasing an additional 2,695 shares during the last quarter. Finally, State of Wyoming increased its holdings in Pagaya Technologies by 150.3% in the 1st quarter. State of Wyoming now owns 6,532 shares of the company’s stock worth $76,000 after buying an additional 3,922 shares in the last quarter. Hedge funds and other institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company’s Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.