Watershed Asset Management L.L.C. Buys Shares of 39,762 Pagaya Technologies Ltd. $PGY

Watershed Asset Management L.L.C. bought a new position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 39,762 shares of the company’s stock, valued at approximately $463,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PGY. Allspring Global Investments Holdings LLC lifted its stake in shares of Pagaya Technologies by 141.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company’s stock valued at $12,040,000 after purchasing an additional 602,992 shares during the period. Bank of New York Mellon Corp boosted its holdings in Pagaya Technologies by 14.6% during the first quarter. Bank of New York Mellon Corp now owns 139,780 shares of the company’s stock worth $1,628,000 after buying an additional 17,807 shares in the last quarter. Emerald Mutual Fund Advisers Trust grew its position in Pagaya Technologies by 139.5% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 74,640 shares of the company’s stock worth $870,000 after buying an additional 43,475 shares during the period. Principal Financial Group Inc. grew its position in Pagaya Technologies by 211.0% during the first quarter. Principal Financial Group Inc. now owns 375,212 shares of the company’s stock worth $4,371,000 after buying an additional 254,550 shares during the period. Finally, Hsbc Holdings PLC increased its holdings in Pagaya Technologies by 231.7% in the first quarter. Hsbc Holdings PLC now owns 100,863 shares of the company’s stock valued at $1,169,000 after buying an additional 70,451 shares in the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Price Performance

Pagaya Technologies stock opened at $17.15 on Friday. Pagaya Technologies Ltd. has a 52 week low of $10.40 and a 52 week high of $44.99. The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25. The firm’s 50-day simple moving average is $15.49 and its 200 day simple moving average is $15.44. The firm has a market capitalization of $1.42 billion, a PE ratio of 16.03 and a beta of 5.32.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) EPS for the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. The business had revenue of $91.63 million during the quarter. On average, equities research analysts predict that Pagaya Technologies Ltd. will post 2.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PGY. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Canaccord Genuity Group restated a “buy” rating and issued a $32.00 price target on shares of Pagaya Technologies in a report on Monday, May 18th. Texas Capital upgraded Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Finally, Zacks Research downgraded Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $35.86.

Insider Buying and Selling

In other news, CAO Cory Vieira sold 2,140 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the transaction, the chief accounting officer directly owned 18,179 shares of the company’s stock, valued at $272,866.79. This trade represents a 10.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Sanjiv Das sold 14,000 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $15.83, for a total value of $221,620.00. Following the transaction, the president owned 165,475 shares of the company’s stock, valued at $2,619,469.25. This represents a 7.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 58,090 shares of company stock valued at $923,764. 41.99% of the stock is owned by company insiders.

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.