SPX Gestao de Recursos Ltda Grows Holdings in Pagaya Technologies Ltd. $PGY

SPX Gestao de Recursos Ltda increased its holdings in shares of Pagaya Technologies Ltd. (NASDAQ:PGY) by 49.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 180,100 shares of the company’s stock after purchasing an additional 59,800 shares during the period. SPX Gestao de Recursos Ltda’s holdings in Pagaya Technologies were worth $2,098,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Watershed Asset Management L.L.C. acquired a new position in Pagaya Technologies in the 1st quarter valued at about $463,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Pagaya Technologies by 141.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company’s stock worth $12,040,000 after acquiring an additional 602,992 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Pagaya Technologies by 14.6% in the first quarter. Bank of New York Mellon Corp now owns 139,780 shares of the company’s stock valued at $1,628,000 after acquiring an additional 17,807 shares in the last quarter. Emerald Mutual Fund Advisers Trust boosted its holdings in shares of Pagaya Technologies by 139.5% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 74,640 shares of the company’s stock valued at $870,000 after acquiring an additional 43,475 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Pagaya Technologies by 211.0% during the first quarter. Principal Financial Group Inc. now owns 375,212 shares of the company’s stock worth $4,371,000 after acquiring an additional 254,550 shares during the period. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Price Performance

Shares of NASDAQ:PGY opened at $17.15 on Friday. The business’s 50 day simple moving average is $15.49 and its 200-day simple moving average is $15.44. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of 16.03 and a beta of 5.32. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09. Pagaya Technologies Ltd. has a 12 month low of $10.40 and a 12 month high of $44.99.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings results 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 firm had revenue of $91.63 million during the quarter. As a group, equities analysts forecast that Pagaya Technologies Ltd. will post 2.92 earnings per share for the current fiscal year.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, Director Tami Rosen sold 9,944 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $15.20, for a total value of $151,148.80. Following the sale, the director owned 37,544 shares of the company’s stock, valued at approximately $570,668.80. This represents a 20.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gal Krubiner bought 16,230 shares of the stock in a transaction on Wednesday, June 24th. The stock was purchased at an average cost of $15.43 per share, for a total transaction of $250,428.90. Following the acquisition, the chief executive officer directly owned 555,906 shares of the company’s stock, valued at $8,577,629.58. The trade was a 3.01% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 58,090 shares of company stock valued at $923,764 in the last 90 days. 41.99% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PGY. Zacks Research downgraded Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $32.00 price target on shares of Pagaya Technologies in a report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Pagaya Technologies has an average rating of “Buy” and an average price target of $35.86.

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.