Pagaya Technologies (NASDAQ:PGY) Rating Increased to Strong-Buy at Texas Capital

Texas Capital upgraded shares of Pagaya Technologies (NASDAQ:PGY) to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

A number of other brokerages have also recently weighed in on PGY. Jefferies Financial Group dropped their price objective on shares of Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Zacks Research upgraded shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Citigroup dropped their price objective on shares of Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, February 12th. Canaccord Genuity Group restated a “buy” rating and issued a $32.00 price objective on shares of Pagaya Technologies in a report on Monday, May 18th. Finally, Weiss Ratings cut shares of Pagaya Technologies from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, April 24th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Pagaya Technologies has a consensus rating of “Buy” and a consensus price target of $34.50.

Pagaya Technologies Trading Up 8.6%

Shares of PGY stock opened at $15.75 on Wednesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 12.09 and a current ratio of 12.09. The stock has a market capitalization of $1.31 billion, a P/E ratio of 14.72 and a beta of 5.35. The company has a 50 day moving average price of $13.74 and a 200 day moving average price of $16.61. Pagaya Technologies has a fifty-two week low of $10.40 and a fifty-two week high of $44.99.

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

Insider Buying and Selling

In related news, CFO Evangelos Perros sold 13,004 shares of Pagaya Technologies stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $11.34, for a total value of $147,465.36. Following the completion of the transaction, the chief financial officer owned 122,174 shares in the company, valued at $1,385,453.16. The trade was a 9.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Cory Vieira sold 2,140 shares of Pagaya Technologies stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the transaction, the chief accounting officer owned 18,179 shares of the company’s stock, valued at $272,866.79. This represents a 10.53% decrease in their position. 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. Insiders sold 24,864 shares of company stock worth $326,748 over the last 90 days. 47.59% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PGY. AQR Capital Management LLC lifted its stake in Pagaya Technologies by 2,722.3% in the first quarter. AQR Capital Management LLC now owns 305,710 shares of the company’s stock worth $3,204,000 after acquiring an additional 294,878 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Pagaya Technologies by 11.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company’s stock worth $653,000 after acquiring an additional 6,365 shares during the last quarter. Millennium Management LLC lifted its stake in 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 acquiring an additional 961,944 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Pagaya Technologies by 26.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock worth $17,871,000 after buying an additional 359,099 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Pagaya Technologies by 19.0% during the 2nd quarter. Legal & General Group Plc now owns 34,909 shares of the company’s stock worth $744,000 after buying an additional 5,580 shares during the last quarter. Hedge funds and other 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.