ARK Investment Management LLC Reduces Stock Holdings in Pagaya Technologies Ltd. $PGY

ARK Investment Management LLC cut its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY) by 61.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 66,533 shares of the company’s stock after selling 106,217 shares during the quarter. ARK Investment Management LLC’s holdings in Pagaya Technologies were worth $1,975,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. G2 Investment Partners Management LLC acquired a new position in shares of Pagaya Technologies during the second quarter valued at about $5,403,000. Federated Hermes Inc. grew its position in Pagaya Technologies by 40.8% during the 3rd quarter. Federated Hermes Inc. now owns 600,140 shares of the company’s stock worth $17,818,000 after purchasing an additional 174,033 shares during the last quarter. Jump Financial LLC grew its position in Pagaya Technologies by 509.6% during the 2nd quarter. Jump Financial LLC now owns 672,635 shares of the company’s stock worth $14,341,000 after purchasing an additional 562,294 shares during the last quarter. Walleye Capital LLC acquired a new position in Pagaya Technologies during the 2nd quarter valued at approximately $2,027,000. Finally, Hamilton Lane Advisors LLC purchased a new position in shares of Pagaya Technologies in the third quarter worth $12,097,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Trading Up 2.8%

Shares of PGY stock opened at $12.01 on Friday. Pagaya Technologies Ltd. has a 1-year low of $8.50 and a 1-year high of $44.99. The company has a market cap of $965.60 million, a price-to-earnings ratio of 13.49 and a beta of 5.92. The company has a debt-to-equity ratio of 1.22, a current ratio of 10.55 and a quick ratio of 11.41. The stock has a 50 day simple moving average of $18.06 and a 200-day simple moving average of $25.42.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings results on Monday, February 9th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.05. The firm 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 44.24%. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 EPS. On average, equities research analysts expect that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PGY. Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Freedom Capital raised Pagaya Technologies to a “strong-buy” rating in a research report on Tuesday, February 3rd. Jefferies Financial Group cut their price objective on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Benchmark reduced their price objective on Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Finally, Wall Street Zen lowered Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.11.

Insider Transactions at Pagaya Technologies

In other news, insider Tami Rosen sold 7,561 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $30.73, for a total transaction of $232,349.53. Following the completion of the sale, the insider owned 37,544 shares of the company’s stock, valued at $1,153,727.12. The trade was a 16.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Evangelos Perros sold 9,750 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 $224,152.50. Following the completion of the transaction, the chief financial officer directly owned 100,212 shares in the company, valued at $2,303,873.88. This represents a 8.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 21,256 shares of company stock valued at $547,198 over the last 90 days. Corporate insiders own 47.59% 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.