Alliancebernstein L.P. Cuts Position in Pagaya Technologies Ltd. (NASDAQ:PGY)

Alliancebernstein L.P. reduced its holdings in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) by 9.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 40,240 shares of the company’s stock after selling 4,150 shares during the period. Alliancebernstein L.P.’s holdings in Pagaya Technologies were worth $374,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. State Street Corp increased its holdings in Pagaya Technologies by 14.6% in the 3rd quarter. State Street Corp now owns 763,823 shares of the company’s stock valued at $8,074,000 after purchasing an additional 97,135 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Pagaya Technologies by 310.6% in the fourth quarter. JPMorgan Chase & Co. now owns 625,351 shares of the company’s stock valued at $5,810,000 after buying an additional 473,063 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Pagaya Technologies by 7.8% in the third quarter. Geode Capital Management LLC now owns 596,992 shares of the company’s stock valued at $6,310,000 after buying an additional 43,068 shares in the last quarter. Quantbot Technologies LP raised its holdings in shares of Pagaya Technologies by 20.6% during the 4th quarter. Quantbot Technologies LP now owns 89,796 shares of the company’s stock valued at $834,000 after buying an additional 15,358 shares during the period. Finally, Rhumbline Advisers lifted its position in Pagaya Technologies by 14.7% during the 4th quarter. Rhumbline Advisers now owns 75,620 shares of the company’s stock worth $703,000 after acquiring an additional 9,674 shares in the last quarter. Institutional investors and hedge funds own 57.14% of the company’s stock.

Insider Activity

In other Pagaya Technologies news, insider Tami Rosen sold 9,846 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $12.18, for a total value of $119,924.28. Following the completion of the transaction, the insider now owns 73,550 shares in the company, valued at approximately $895,839. This represents a 11.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Sanjiv Das sold 12,789 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $9.35, for a total value of $119,577.15. Following the sale, the president now directly owns 105,817 shares in the company, valued at approximately $989,388.95. This trade represents a 10.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,004 shares of company stock valued at $770,036. 49.56% of the stock is currently owned by company insiders.

Pagaya Technologies Trading Up 1.8 %

NASDAQ PGY opened at $9.46 on Monday. The firm has a market capitalization of $711.94 million, a PE ratio of -1.72 and a beta of 5.89. Pagaya Technologies Ltd. has a one year low of $8.20 and a one year high of $19.20. The company has a 50-day simple moving average of $11.46 and a 200-day simple moving average of $10.69. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.32). Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. The company had revenue of $279.39 million for the quarter, compared to analyst estimates of $264.28 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. On average, equities analysts forecast that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Monday, March 17th. Canaccord Genuity Group reiterated a “buy” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a report on Thursday, February 13th. Citigroup raised shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the company from $13.00 to $14.50 in a research report on Friday, February 7th. B. Riley reiterated a “buy” rating and issued a $36.00 price target on shares of Pagaya Technologies in a research note on Monday, March 17th. Finally, JMP Securities raised their price objective on Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a research note on Friday, February 14th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.61.

Pagaya Technologies Profile

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.