Frontier Capital Management Co. LLC Makes New $28.07 Million Investment in Pagaya Technologies Ltd. (NASDAQ:PGY)

Frontier Capital Management Co. LLC purchased a new position in Pagaya Technologies Ltd. (NASDAQ:PGY) in the 4th quarter, HoldingsChannel reports. The fund purchased 3,021,553 shares of the company’s stock, valued at approximately $28,070,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. raised its position in Pagaya Technologies by 1.8% in the 4th quarter. Invesco Ltd. now owns 48,030 shares of the company’s stock worth $446,000 after buying an additional 864 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Pagaya Technologies by 10.9% in the fourth quarter. Arizona State Retirement System now owns 11,154 shares of the company’s stock worth $104,000 after acquiring an additional 1,092 shares during the period. CIBC Private Wealth Group LLC raised its holdings in shares of Pagaya Technologies by 15.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company’s stock valued at $101,000 after purchasing an additional 1,532 shares during the last quarter. Tidal Investments LLC lifted its position in Pagaya Technologies by 4.6% during the third quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock valued at $437,000 after purchasing an additional 1,826 shares during the period. Finally, R Squared Ltd purchased a new stake in Pagaya Technologies in the fourth quarter worth approximately $30,000. Institutional investors own 57.14% of the company’s stock.

Insider Transactions at Pagaya Technologies

In related news, President Sanjiv Das sold 12,789 shares of the company’s stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $9.35, for a total transaction of $119,577.15. Following the completion of the transaction, the president now owns 105,817 shares in the company, valued at $989,388.95. This represents a 10.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tami Rosen sold 35,369 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $15.00, for a total value of $530,535.00. Following the completion of the transaction, the insider now owns 38,181 shares in the company, valued at approximately $572,715. This trade represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 49.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Citigroup upgraded Pagaya Technologies from a “neutral” rating to a “buy” rating and raised their price target for the stock from $13.00 to $14.50 in a research note on Friday, February 7th. JMP Securities boosted their price target 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. Canaccord Genuity Group reaffirmed a “buy” rating and set a $25.00 price target on shares of Pagaya Technologies in a research report on Thursday, February 13th. Benchmark reissued a “buy” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, B. Riley reaffirmed a “buy” rating and set a $36.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

Pagaya Technologies Stock Performance

PGY opened at $13.87 on Friday. The firm’s 50-day moving average price is $10.60 and its 200-day moving average price is $10.72. The company has a market cap of $1.04 billion, a P/E ratio of -2.52 and a beta of 5.88. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. Pagaya Technologies Ltd. has a 52-week low of $8.20 and a 52-week high of $19.20.

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

Pagaya Technologies Company 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.