Pagaya Technologies (NASDAQ:PGY) Upgraded to “Strong-Buy” at Texas Capital

Pagaya Technologies (NASDAQ:PGY) was upgraded by equities researchers at Texas Capital to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

A number of other research analysts also recently weighed in on the company. Benchmark lowered their target price on Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Pagaya Technologies in a research note on Monday, May 18th. Weiss Ratings downgraded Pagaya Technologies from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, April 24th. Citigroup decreased their price objective on Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Finally, Jefferies Financial Group decreased their price objective on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $34.50.

Pagaya Technologies Stock Up 8.6%

PGY stock opened at $15.75 on Wednesday. Pagaya Technologies has a fifty-two week low of $10.40 and a fifty-two week high of $44.99. The business’s 50-day moving average is $13.74 and its two-hundred day moving average is $16.61. The company has a debt-to-equity ratio of 1.25, a quick ratio of 12.09 and a current ratio of 12.09. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 14.72 and a beta of 5.35.

Pagaya Technologies (NASDAQ:PGY) last posted its earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share for the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. The firm had revenue of $91.63 million during the quarter. As a group, analysts forecast that Pagaya Technologies will post 2.92 earnings per share for the current year.

Insider Transactions at Pagaya Technologies

In other news, Director Tami Rosen sold 9,720 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $15.14, for a total value of $147,160.80. Following the transaction, the director owned 37,544 shares of the company’s stock, valued at $568,416.16. This trade represents a 20.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Cory Vieira sold 2,140 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total value of $32,121.40. Following the completion of the transaction, the chief accounting officer directly owned 18,179 shares in the company, valued at $272,866.79. This trade represents a 10.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 24,864 shares of company stock valued at $326,748 over the last quarter. 47.59% of the stock is currently owned by company insiders.

Institutional Trading of Pagaya Technologies

Institutional investors have recently made changes to their positions in the business. Root Financial Partners LLC purchased a new stake in shares of Pagaya Technologies during the fourth quarter worth about $27,000. Aster Capital Management DIFC Ltd grew its position in shares of Pagaya Technologies by 351.9% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company’s stock worth $29,000 after purchasing an additional 1,084 shares in the last quarter. Transamerica Financial Advisors LLC purchased a new stake in shares of Pagaya Technologies during the fourth quarter worth about $30,000. Quarry LP grew its position in shares of Pagaya Technologies by 330.8% during the fourth quarter. Quarry LP now owns 1,663 shares of the company’s stock worth $35,000 after purchasing an additional 1,277 shares in the last quarter. Finally, LSV Asset Management purchased a new stake in shares of Pagaya Technologies during the third quarter worth about $36,000. Hedge funds and other institutional investors 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.