Principal Financial Group Inc. Buys New Position in Pagaya Technologies Ltd. $PGY

Principal Financial Group Inc. purchased a new position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) in the 3rd quarter, HoldingsChannel reports. The firm purchased 78,545 shares of the company’s stock, valued at approximately $2,332,000.

A number of other institutional investors also recently modified their holdings of PGY. G2 Investment Partners Management LLC bought a new position in shares of Pagaya Technologies during the 2nd quarter worth approximately $5,403,000. Federated Hermes Inc. lifted its position in shares of Pagaya Technologies by 40.8% during the 3rd quarter. Federated Hermes Inc. now owns 600,140 shares of the company’s stock valued at $17,818,000 after acquiring an additional 174,033 shares during the period. Jump Financial LLC lifted its position in shares of Pagaya Technologies by 509.6% during the 2nd quarter. Jump Financial LLC now owns 672,635 shares of the company’s stock valued at $14,341,000 after acquiring an additional 562,294 shares during the period. Walleye Capital LLC bought a new position in Pagaya Technologies during the second quarter worth $2,027,000. Finally, Hamilton Lane Advisors LLC acquired a new stake in Pagaya Technologies in the third quarter worth $12,097,000. 57.14% of the stock is owned by institutional investors.

Pagaya Technologies Stock Performance

Shares of Pagaya Technologies stock opened at $12.43 on Tuesday. Pagaya Technologies Ltd. has a 52 week low of $8.50 and a 52 week high of $44.99. The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 1.16. The business has a 50 day moving average price of $21.00 and a 200-day moving average price of $27.13. The company has a market cap of $999.37 million, a PE ratio of 13.97 and a beta of 5.85.

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

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, insider Tami Rosen sold 7,561 shares of the business’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $30.73, for a total value of $232,349.53. Following the sale, the insider directly owned 37,544 shares in the company, valued at $1,153,727.12. The trade was a 16.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Evangelos Perros sold 9,750 shares of Pagaya Technologies stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $22.99, for a total value of $224,152.50. Following the completion of the sale, the chief financial officer directly owned 100,212 shares of the company’s stock, valued at approximately $2,303,873.88. This trade represents a 8.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 21,256 shares of company stock worth $547,198 in the last quarter. Insiders own 47.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PGY shares. Wall Street Zen lowered shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Keefe, Bruyette & Woods dropped 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. Freedom Capital upgraded Pagaya Technologies to a “strong-buy” rating in a report on Tuesday, February 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Pagaya Technologies in a research report on Friday, January 9th. Finally, Citigroup cut their target price on Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Pagaya Technologies has an average rating of “Moderate Buy” and a consensus target price of $33.11.

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.