Pagaya Technologies Ltd. (NASDAQ:PGY) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY) by 23.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,749 shares of the company’s stock after selling 3,865 shares during the period. The Manufacturers Life Insurance Company’s holdings in Pagaya Technologies were worth $118,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. R Squared Ltd acquired a new stake in shares of Pagaya Technologies during the 4th quarter valued at approximately $30,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Pagaya Technologies during the 4th quarter valued at approximately $43,000. Nisa Investment Advisors LLC acquired a new stake in shares of Pagaya Technologies during the 4th quarter valued at approximately $57,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Pagaya Technologies during the 4th quarter valued at approximately $67,000. Finally, Arizona State Retirement System raised its position in shares of Pagaya Technologies by 10.9% during the 4th quarter. Arizona State Retirement System now owns 11,154 shares of the company’s stock valued at $104,000 after acquiring an additional 1,092 shares in the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Pagaya Technologies

In other news, insider Yahav Yulzari sold 238,004 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $15.16, for a total value of $3,608,140.64. Following the completion of the transaction, the insider now owns 4,346,141 shares of the company’s stock, valued at approximately $65,887,497.56. This represents a 5.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Avital Pardo sold 237,748 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $15.16, for a total value of $3,604,259.68. Following the completion of the transaction, the chief technology officer now directly owns 2,401,528 shares of the company’s stock, valued at approximately $36,407,164.48. The trade was a 9.01% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 488,541 shares of company stock valued at $7,331,977. 47.59% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PGY. Citigroup raised Pagaya Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $13.00 to $14.50 in a research report on Friday, February 7th. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Pagaya Technologies in a research report on Monday, March 17th. JMP Securities upped their price target on Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a research report on Friday, February 14th. B. Riley reissued a “buy” rating and set a $36.00 price target on shares of Pagaya Technologies in a research report on Monday, March 17th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a research report on Thursday, February 13th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.61.

Pagaya Technologies Price Performance

Shares of NASDAQ PGY opened at $14.30 on Monday. Pagaya Technologies Ltd. has a 1-year low of $8.20 and a 1-year high of $19.20. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The business’s fifty day moving average price is $11.10 and its two-hundred day moving average price is $10.82. The firm has a market capitalization of $1.08 billion, a PE ratio of -2.60 and a beta of 5.88.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.32). Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. The business had revenue of $279.39 million during the quarter, compared to the consensus estimate of $264.28 million. During the same period in the previous year, the company posted $0.24 EPS. On average, research analysts expect that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial institutions and investors in the United States, Israel, the Cayman Islands, and internationally. The company develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets.