Benchmark Cuts Pagaya Technologies (NASDAQ:PGY) Price Target to $33.00

Pagaya Technologies (NASDAQ:PGY) had its price target reduced by Benchmark from $48.00 to $33.00 in a report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

PGY has been the topic of a number of other research reports. Canaccord Genuity Group cut their price objective on shares of Pagaya Technologies from $39.00 to $32.00 and set a “buy” rating on the stock in a report on Tuesday. Keefe, Bruyette & Woods cut their price target on Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, January 2nd. Wall Street Zen downgraded Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Pagaya Technologies in a research note on Friday, January 9th. Finally, Freedom Capital raised Pagaya Technologies to a “strong-buy” rating in a research report on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Pagaya Technologies has a consensus rating of “Moderate Buy” and an average target price of $33.11.

Pagaya Technologies Price Performance

PGY opened at $12.40 on Tuesday. The company has a current ratio of 11.41, a quick ratio of 11.41 and a debt-to-equity ratio of 1.16. The company has a market cap of $996.96 million, a price-to-earnings ratio of 13.93 and a beta of 5.85. The stock has a fifty day simple moving average of $21.50 and a two-hundred day simple moving average of $27.42. Pagaya Technologies has a 12-month low of $8.50 and a 12-month high of $44.99.

Pagaya Technologies (NASDAQ:PGY) last released its earnings results on Monday, February 9th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.05. The firm had revenue of $334.81 million for the quarter, compared to the consensus estimate of $348.75 million. Pagaya Technologies had a net margin of 6.25% and a return on equity of 45.94%. The company’s revenue was up 19.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.17 EPS. Research analysts predict that Pagaya Technologies will post 0.88 earnings per share for the current fiscal year.

Insider Activity at Pagaya Technologies

In other news, President Sanjiv Das sold 3,945 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 $90,695.55. Following the sale, the president owned 129,986 shares of the company’s stock, valued at $2,988,378.14. This trade represents a 2.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Evangelos Perros sold 9,750 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was 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 owned 100,212 shares in the company, valued at $2,303,873.88. This represents a 8.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 21,256 shares of company stock valued at $547,198 over the last ninety days. Insiders own 47.59% of the company’s stock.

Institutional Trading of Pagaya Technologies

Several large investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Pagaya Technologies by 436.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company’s stock worth $29,534,000 after purchasing an additional 1,127,242 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Pagaya Technologies by 1,231.6% in the second quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company’s stock worth $25,591,000 after buying an additional 1,110,208 shares during the period. Millennium Management LLC raised its stake in shares of Pagaya Technologies by 320.1% in the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock worth $13,230,000 after buying an additional 961,944 shares during the period. Goldman Sachs Group Inc. raised its stake in Pagaya Technologies by 221.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,379,550 shares of the company’s stock worth $28,833,000 after acquiring an additional 950,443 shares during the period. Finally, Marshall Wace LLP lifted its holdings in Pagaya Technologies by 1,556.3% during the third quarter. Marshall Wace LLP now owns 672,008 shares of the company’s stock valued at $19,952,000 after purchasing an additional 631,435 shares in the last quarter. 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.