Zacks Research Downgrades Pagaya Technologies (NASDAQ:PGY) to Hold

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

A number of other equities analysts have also commented on the stock. Texas Capital raised shares of Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Weiss Ratings upgraded Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $32.00 price target on shares of Pagaya Technologies in a research report on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $35.86.

Pagaya Technologies Stock Performance

PGY opened at $18.34 on Monday. The business has a fifty day simple moving average of $14.94 and a 200 day simple moving average of $15.67. The company has a market capitalization of $1.52 billion, a PE ratio of 17.14 and a beta of 5.32. Pagaya Technologies has a 1 year low of $10.40 and a 1 year high of $44.99. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09.

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

Insider Buying and Selling

In related news, Director Tami Rosen sold 9,944 shares of Pagaya Technologies stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $15.20, for a total value of $151,148.80. Following the transaction, the director directly owned 37,544 shares of the company’s stock, valued at $570,668.80. This trade represents a 20.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Evangelos Perros sold 11,558 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $16.23, for a total value of $187,586.34. Following the completion of the sale, the insider directly owned 131,241 shares in the company, valued at approximately $2,130,041.43. This represents a 8.09% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 67,810 shares of company stock worth $1,070,925. 47.59% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PGY. Millennium Management LLC boosted its stake in shares of Pagaya Technologies by 75.2% in the 4th quarter. Millennium Management LLC now owns 1,738,760 shares of the company’s stock valued at $36,340,000 after purchasing an additional 746,216 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Pagaya Technologies by 26.7% in the 1st 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. Two Sigma Investments LP boosted its position in Pagaya Technologies by 5.2% in the third quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock valued at $43,127,000 after buying an additional 71,639 shares in the last quarter. Renaissance Technologies LLC boosted its position in Pagaya Technologies by 27.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company’s stock valued at $28,300,000 after buying an additional 290,379 shares in the last quarter. Finally, Nuveen LLC grew its stake in shares of Pagaya Technologies by 3.7% during the fourth quarter. Nuveen LLC now owns 1,299,274 shares of the company’s stock worth $27,155,000 after buying an additional 46,536 shares during the last quarter. Institutional investors own 57.14% of the company’s stock.

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.