Allspring Global Investments Holdings LLC Purchases 602,992 Shares of Pagaya Technologies Ltd. $PGY

Allspring Global Investments Holdings LLC increased its position in Pagaya Technologies Ltd. (NASDAQ:PGY) by 141.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,029,081 shares of the company’s stock after purchasing an additional 602,992 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Pagaya Technologies were worth $12,040,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PGY. SG Americas Securities LLC purchased a new stake in shares of Pagaya Technologies during the 1st quarter valued at $1,426,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Pagaya Technologies in the 1st quarter worth about $452,000. World Investment Advisors purchased a new position in shares of Pagaya Technologies in the 4th quarter worth about $1,164,000. Pictet Asset Management Holding SA grew its position in Pagaya Technologies by 424.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 42,900 shares of the company’s stock valued at $897,000 after buying an additional 34,726 shares during the period. Finally, Landscape Capital Management L.L.C. bought a new position in Pagaya Technologies during the fourth quarter valued at about $1,824,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

Insider Activity

In other news, insider Evangelos Perros sold 11,558 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $16.23, for a total transaction of $187,586.34. Following the completion of the transaction, the insider directly owned 131,241 shares in the company, valued at $2,130,041.43. The trade was a 8.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cory Vieira sold 2,140 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total value of $32,121.40. Following the completion of the transaction, the chief accounting officer owned 18,179 shares in the company, valued at $272,866.79. This represents a 10.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 58,090 shares of company stock valued at $923,764. 41.99% of the stock is currently owned by insiders.

Pagaya Technologies Trading Up 2.3%

NASDAQ:PGY opened at $17.48 on Wednesday. Pagaya Technologies Ltd. has a 1 year low of $10.40 and a 1 year high of $44.99. The stock’s fifty day moving average price is $15.62 and its two-hundred day moving average price is $15.34. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09. The company has a market cap of $1.45 billion, a P/E ratio of 16.34 and a beta of 5.32.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share for the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. The company had revenue of $91.63 million during the quarter. As a group, analysts expect that Pagaya Technologies Ltd. will post 2.92 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $32.00 price objective on shares of Pagaya Technologies in a research note on Monday, May 18th. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Zacks Research lowered Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Pagaya Technologies currently has a consensus rating of “Buy” and a consensus target price of $35.86.

About Pagaya Technologies

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.