Federated Hermes Inc. Acquires New Shares in Pagaya Technologies Ltd. $PGY

Federated Hermes Inc. bought a new stake in Pagaya Technologies Ltd. (NASDAQ:PGY) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 426,107 shares of the company’s stock, valued at approximately $9,085,000. Federated Hermes Inc. owned about 0.56% of Pagaya Technologies as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB acquired a new stake in shares of Pagaya Technologies in the 2nd quarter valued at approximately $25,000. Virtus Advisers LLC bought a new position in Pagaya Technologies in the 1st quarter valued at approximately $35,000. Caitong International Asset Management Co. Ltd boosted its position in Pagaya Technologies by 35.8% in the second quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company’s stock valued at $42,000 after buying an additional 520 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Pagaya Technologies by 77.4% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,435 shares of the company’s stock worth $95,000 after buying an additional 1,935 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new position in shares of Pagaya Technologies during the first quarter worth $107,000. Institutional investors own 57.14% of the company’s stock.

Insider Transactions at Pagaya Technologies

In other news, CFO Evangelos Perros sold 12,754 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $30.20, for a total transaction of $385,170.80. Following the completion of the sale, the chief financial officer directly owned 78,163 shares in the company, valued at $2,360,522.60. This represents a 14.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Tami Rosen sold 15,026 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $30.73, for a total transaction of $461,748.98. Following the completion of the transaction, the insider owned 28,181 shares in the company, valued at approximately $866,002.13. The trade was a 34.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 71,290 shares of company stock worth $2,572,502 over the last three months. 47.59% of the stock is owned by company insiders.

Pagaya Technologies Stock Performance

NASDAQ:PGY opened at $24.96 on Friday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 11.41 and a current ratio of 11.41. Pagaya Technologies Ltd. has a fifty-two week low of $8.27 and a fifty-two week high of $44.99. The company has a 50 day simple moving average of $26.10 and a two-hundred day simple moving average of $27.53. The company has a market capitalization of $2.01 billion, a PE ratio of -9.35 and a beta of 5.84.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PGY. Wall Street Zen downgraded Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Pagaya Technologies in a research note on Tuesday, October 14th. Benchmark restated a “buy” rating and set a $48.00 price target on shares of Pagaya Technologies in a report on Wednesday, October 1st. Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Finally, Canaccord Genuity Group lifted their target price on shares of Pagaya Technologies from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Tuesday, November 11th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.67.

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.