Pagaya Technologies (NASDAQ:PGY) Rating Increased to Strong-Buy at Freedom Capital

Freedom Capital upgraded shares of Pagaya Technologies (NASDAQ:PGY) to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

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

Pagaya Technologies Stock Down 2.1%

PGY opened at $18.14 on Tuesday. The company has a market cap of $1.46 billion, a PE ratio of -6.79 and a beta of 5.85. Pagaya Technologies has a twelve month low of $8.50 and a twelve month high of $44.99. The company has a 50-day moving average price of $22.63 and a 200 day moving average price of $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 (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.46. Pagaya Technologies had a positive return on equity of 31.59% and a negative net margin of 15.32%.The company had revenue of $350.17 million for the quarter, compared to analysts’ expectations of $338.86 million. During the same period in the previous year, the firm posted $0.44 EPS. Pagaya Technologies’s revenue was up 36.3% compared to the same quarter last year. Sell-side analysts expect that Pagaya Technologies will post 0.88 earnings per share for the current fiscal year.

Insider Activity at Pagaya Technologies

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PGY. Caitong International Asset Management Co. Ltd lifted its stake in Pagaya Technologies by 35.8% during the second 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. Nisa Investment Advisors LLC grew its stake in shares of Pagaya Technologies by 8.6% in the second quarter. Nisa Investment Advisors LLC now owns 6,676 shares of the company’s stock valued at $142,000 after buying an additional 526 shares in the last quarter. Moody National Bank Trust Division raised its holdings in shares of Pagaya Technologies by 2.4% in the 4th quarter. Moody National Bank Trust Division now owns 28,978 shares of the company’s stock valued at $606,000 after buying an additional 666 shares during the period. SBI Securities Co. Ltd. raised its holdings in shares of Pagaya Technologies by 5.0% in the 4th quarter. SBI Securities Co. Ltd. now owns 16,493 shares of the company’s stock valued at $345,000 after buying an additional 790 shares during the period. Finally, Versant Capital Management Inc acquired a new position in Pagaya Technologies during the 3rd quarter worth about $25,000. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

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.