Pagaya Technologies (NASDAQ:PGY) Earns “Buy” Rating from Benchmark

Benchmark restated their buy rating on shares of Pagaya Technologies (NASDAQ:PGY) in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a $21.00 price objective on the stock.

Several other brokerages have also commented on PGY. Canaccord Genuity Group cut their price objective on Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating for the company in a report on Monday, September 30th. Wedbush restated a “neutral” rating and issued a $13.00 target price on shares of Pagaya Technologies in a report on Monday, August 12th. B. Riley lowered their price target on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Oppenheimer initiated coverage on shares of Pagaya Technologies in a research note on Tuesday, October 1st. They set an “outperform” rating and a $12.00 target price on the stock. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.89.

Pagaya Technologies Stock Performance

Shares of Pagaya Technologies stock opened at $11.62 on Wednesday. Pagaya Technologies has a 52 week low of $8.56 and a 52 week high of $20.50. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.72. The company has a market cap of $823.86 million, a PE ratio of -8.24 and a beta of 6.36. The business has a 50 day moving average price of $11.99 and a 200-day moving average price of $12.08.

Pagaya Technologies (NASDAQ:PGY) last released its earnings results on Friday, August 9th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.11). The company had revenue of $250.34 million during the quarter, compared to analysts’ expectations of $239.16 million. Pagaya Technologies had a negative net margin of 14.58% and a negative return on equity of 3.10%. Equities analysts anticipate that Pagaya Technologies will post -0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Yahav Yulzari bought 23,600 shares of Pagaya Technologies stock in a transaction on Monday, September 30th. The stock was acquired at an average cost of $10.52 per share, for a total transaction of $248,272.00. Following the completion of the acquisition, the insider now owns 311,637 shares of the company’s stock, valued at $3,278,421.24. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Yahav Yulzari bought 23,600 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $10.52 per share, with a total value of $248,272.00. Following the completion of the acquisition, the insider now directly owns 311,637 shares of the company’s stock, valued at $3,278,421.24. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tami Rosen sold 8,025 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $14.70, for a total transaction of $117,967.50. Following the completion of the sale, the insider now directly owns 55,751 shares in the company, valued at approximately $819,539.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,475 shares of company stock worth $943,456 in the last three months. Corporate insiders own 19.70% of the company’s stock.

Institutional Trading of Pagaya Technologies

Institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Pagaya Technologies during the 1st quarter worth $12,686,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Pagaya Technologies by 14.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 675,064 shares of the company’s stock valued at $6,818,000 after buying an additional 83,913 shares during the last quarter. Quadrature Capital Ltd raised its position in shares of Pagaya Technologies by 3,558.5% during the 4th quarter. Quadrature Capital Ltd now owns 784,860 shares of the company’s stock worth $1,079,000 after acquiring an additional 763,407 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Pagaya Technologies by 36.2% during the 2nd quarter. ARK Investment Management LLC now owns 221,810 shares of the company’s stock worth $2,830,000 after buying an additional 58,939 shares during the last quarter. Finally, Sei Investments Co. purchased a new stake in shares of Pagaya Technologies in the 1st quarter valued at about $1,101,000. 57.14% of the stock is owned by institutional investors and hedge funds.

About Pagaya Technologies

Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial institutions and investors in the United States, Israel, the Cayman Islands, and internationally. The company develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets.