B. Riley Financial Issues Positive Forecast for Pagaya Technologies (NASDAQ:PGY) Stock Price

Pagaya Technologies (NASDAQ:PGY) had its price objective raised by investment analysts at B. Riley Financial from $32.00 to $36.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley Financial’s price objective suggests a potential upside of 90.78% from the stock’s previous close.

Several other research firms have also weighed in on PGY. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Citizens Jmp increased their target price on shares of Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Friday. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 18th. Canaccord Genuity Group lifted their price target on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday. Finally, Zacks Research downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $32.43.

Pagaya Technologies Trading Up 7.0%

Shares of PGY traded up $1.23 during trading hours on Friday, hitting $18.87. The stock had a trading volume of 3,793,770 shares, compared to its average volume of 3,810,463. 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 firm has a market cap of $1.56 billion, a P/E ratio of 17.62 and a beta of 5.32. The company’s fifty day simple moving average is $16.10 and its 200 day simple moving average is $14.99. Pagaya Technologies has a 12-month low of $10.40 and a 12-month high of $44.99.

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

Insider Activity at Pagaya Technologies

In related news, CAO Cory Vieira sold 2,140 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total transaction of $32,121.40. Following the sale, the chief accounting officer directly owned 18,179 shares in the company, valued at approximately $272,866.79. This trade represents a 10.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Evangelos Perros sold 11,558 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $16.23, for a total value of $187,586.34. Following the transaction, the insider directly owned 131,241 shares in the company, valued at $2,130,041.43. This trade represents a 8.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 58,090 shares of company stock valued at $923,764 over the last 90 days. Corporate insiders own 41.99% of the company’s stock.

Institutional Trading of Pagaya Technologies

Several large investors have recently bought and sold shares of the company. Segall Bryant & Hamill LLC boosted its stake in shares of Pagaya Technologies by 81.0% in the first quarter. Segall Bryant & Hamill LLC now owns 118,459 shares of the company’s stock valued at $1,380,000 after purchasing an additional 53,011 shares during the period. Edgestream Partners L.P. grew its holdings in Pagaya Technologies by 353.2% during the 1st quarter. Edgestream Partners L.P. now owns 373,771 shares of the company’s stock valued at $4,354,000 after purchasing an additional 291,291 shares in the last quarter. Royal Bank of Canada increased its stake in Pagaya Technologies by 134.6% during the 1st quarter. Royal Bank of Canada now owns 35,940 shares of the company’s stock worth $419,000 after buying an additional 20,623 shares during the period. Empowered Funds LLC increased its stake in Pagaya Technologies by 4,562.7% during the 1st quarter. Empowered Funds LLC now owns 116,661 shares of the company’s stock worth $1,359,000 after buying an additional 114,159 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Pagaya Technologies by 5.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 15,136 shares of the company’s stock worth $176,000 after buying an additional 776 shares during the period. Institutional investors and hedge funds own 57.14% of the company’s stock.

More Pagaya Technologies News

Here are the key news stories impacting Pagaya Technologies this week:

• Positive Sentiment: Q2 earnings and revenue exceeded expectations. Pagaya reported $1.07 in EPS versus the $0.32 analyst consensus, while revenue rose 15.1% year over year to $387.04 million, ahead of the $356.53 million estimate. Pagaya Technologies Q2 earnings report
• Positive Sentiment: Profitability and platform activity reached records. Management highlighted record net income and network volume, while processing more loans and generating higher total profits despite earning less revenue per dollar processed. Pagaya stock rises after Q2 results
• Positive Sentiment: Full-year net income guidance was raised. The improved earnings outlook reinforces the view that Pagaya’s AI-driven lending network is benefiting from operating leverage. Pagaya reports second-quarter results
• Positive Sentiment: Analysts raised their targets. Citizens JMP increased its target from $22 to $25 with a “market outperform” rating, while Canaccord Genuity raised its target from $32 to $36 and maintained a “buy” rating.
• Negative Sentiment: Revenue guidance was somewhat disappointing. Pagaya forecast third-quarter revenue of $370 million-$390 million, below the $396.4 million consensus, and full-year revenue of $1.4 billion-$1.5 billion versus expectations of $1.5 billion. This could limit the upside reaction despite the strong earnings beat. Pagaya Technologies Q2 adjusted earnings and revenue

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.