Pagaya Technologies (NASDAQ:PGY) Stock Rating Lowered by Zacks Research

Pagaya Technologies (NASDAQ:PGY) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Canaccord Genuity Group restated a “buy” rating and issued a $32.00 price target on shares of Pagaya Technologies in a research report on Monday, May 18th. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Finally, Weiss Ratings upgraded Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Two 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $35.86.

Pagaya Technologies Stock Down 2.0%

PGY stock opened at $18.34 on Monday. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 17.14 and a beta of 5.32. The company has a fifty day moving average price of $14.94 and a 200 day moving average price of $15.67. 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 has a 12 month low of $10.40 and a 12 month high of $44.99.

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

Insiders Place Their Bets

In related news, CAO Cory Vieira sold 2,140 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total value of $32,121.40. Following the completion of the sale, the chief accounting officer owned 18,179 shares in the company, valued at $272,866.79. This trade represents a 10.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Tami Rosen sold 9,944 shares of Pagaya Technologies stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $15.20, for a total value of $151,148.80. Following the completion of the sale, the director directly owned 37,544 shares in the company, valued at $570,668.80. This represents a 20.94% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 67,810 shares of company stock valued at $1,070,925. Corporate insiders own 47.59% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

A number of large investors have recently modified their holdings of PGY. AQR Capital Management LLC boosted its stake in shares of Pagaya Technologies by 2,722.3% in the first quarter. AQR Capital Management LLC now owns 305,710 shares of the company’s stock valued at $3,204,000 after buying an additional 294,878 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 in the last quarter. Millennium Management LLC raised its position 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 in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Pagaya Technologies by 26.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock valued at $17,871,000 after acquiring an additional 359,099 shares during the period. Finally, Legal & General Group Plc lifted its holdings in Pagaya Technologies by 19.0% in the second quarter. Legal & General Group Plc now owns 34,909 shares of the company’s stock valued at $744,000 after acquiring an additional 5,580 shares during the period. 57.14% of the stock is owned by hedge funds and other 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.