Pagaya Technologies (NASDAQ:PGY) Upgraded at Freedom Capital

Pagaya Technologies (NASDAQ:PGY) was upgraded by research analysts at Freedom Capital to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

A number of other research firms have also weighed in on PGY. Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research report on Monday. Canaccord Genuity Group raised their target price on shares of Pagaya Technologies from $36.00 to $39.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Pagaya Technologies in a research note on Friday, January 9th. Keefe, Bruyette & Woods reduced their price objective on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, January 2nd. Finally, Wall Street Zen lowered Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.25.

Pagaya Technologies Stock Performance

NASDAQ PGY opened at $18.14 on Tuesday. The firm has a market cap of $1.46 billion, a P/E ratio of -6.79 and a beta of 5.85. Pagaya Technologies has a 52-week low of $8.50 and a 52-week high of $44.99. The business’s 50-day moving average price is $22.63 and its 200 day moving average price is $28.11. The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 1.16.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Monday, November 10th. The company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.46. The company had revenue of $350.17 million during the quarter, compared to analysts’ expectations of $338.86 million. Pagaya Technologies had a positive return on equity of 31.59% and a negative net margin of 15.32%.The firm’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same period last year, the firm earned $0.44 EPS. On average, equities research analysts expect that Pagaya Technologies will post 0.88 earnings per share for the current year.

Insiders Place Their Bets

In other Pagaya Technologies news, insider Tami Rosen sold 7,561 shares of the company’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $30.73, for a total transaction of $232,349.53. Following the transaction, the insider directly owned 37,544 shares in the company, valued at approximately $1,153,727.12. This represents a 16.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 sale, the president owned 129,986 shares of the company’s stock, valued at approximately $2,988,378.14. The trade was a 2.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 21,256 shares of company stock worth $547,198. 47.59% of the stock is owned by company insiders.

Institutional Trading of Pagaya Technologies

Several large investors have recently bought and sold shares of PGY. AQR Capital Management LLC boosted its position in shares of Pagaya Technologies by 2,722.3% in the 1st quarter. AQR Capital Management LLC now owns 305,710 shares of the company’s stock worth $3,204,000 after buying an additional 294,878 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Pagaya Technologies by 11.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company’s stock worth $653,000 after acquiring an additional 6,365 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Pagaya Technologies by 320.1% in the first 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 in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Pagaya Technologies by 26.7% in the first 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, Caitong International Asset Management Co. Ltd increased its stake 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 worth $42,000 after purchasing an additional 520 shares in the last quarter. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Company 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.