Texas Capital Upgrades Pagaya Technologies (NASDAQ:PGY) to Strong-Buy

Pagaya Technologies (NASDAQ:PGY) was upgraded by equities researchers at Texas Capital to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also commented on PGY. Jefferies Financial Group lowered their price target 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. Citigroup lowered their price target 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 reiterated a “buy” rating and set a $32.00 price target on shares of Pagaya Technologies in a report on Monday, May 18th. Weiss Ratings lowered shares of Pagaya Technologies from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, April 24th. Finally, Zacks Research upgraded shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $34.50.

Pagaya Technologies Trading Up 8.6%

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

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. Pagaya Technologies had a return on equity of 44.75% and a net margin of 7.39%.The business had revenue of $91.63 million during the quarter. As a group, equities research analysts forecast that Pagaya Technologies will post 2.92 earnings per share for the current year.

Insiders Place Their Bets

In other Pagaya Technologies news, CFO Evangelos Perros sold 13,004 shares of the company’s stock in a transaction 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 directly owned 122,174 shares in the company, valued at approximately $1,385,453.16. This represents a 9.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Tami Rosen sold 9,720 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $15.14, for a total transaction of $147,160.80. Following the completion of the transaction, the director owned 37,544 shares of the company’s stock, valued at $568,416.16. This trade represents a 20.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 24,864 shares of company stock worth $326,748. 47.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PGY. Root Financial Partners LLC bought a new position in Pagaya Technologies in the 4th quarter worth $27,000. Aster Capital Management DIFC Ltd raised its holdings in Pagaya Technologies by 351.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company’s stock worth $29,000 after purchasing an additional 1,084 shares in the last quarter. Transamerica Financial Advisors LLC bought a new position in Pagaya Technologies in the 4th quarter worth $30,000. Quarry LP raised its holdings in Pagaya Technologies by 330.8% in the 4th quarter. Quarry LP now owns 1,663 shares of the company’s stock worth $35,000 after purchasing an additional 1,277 shares in the last quarter. Finally, LSV Asset Management bought a new position in Pagaya Technologies in the 3rd quarter worth $36,000. 57.14% of the stock is currently owned by institutional investors.

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.