Pagaya Technologies (NASDAQ:PGY) Cut to Hold at Zacks Research

Zacks Research downgraded shares of Pagaya Technologies (NASDAQ:PGY) from a strong-buy rating to a hold rating in a research report released on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on PGY. Keefe, Bruyette & Woods reduced their price objective on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, January 2nd. Canaccord Genuity Group raised their price target on Pagaya Technologies from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Tuesday, November 11th. Wall Street Zen cut Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Pagaya Technologies in a report on Friday, January 9th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $37.25.

Pagaya Technologies Stock Down 2.1%

NASDAQ PGY opened at $18.14 on Monday. The stock has a market capitalization of $1.46 billion, a P/E ratio of -6.79 and a beta of 5.85. Pagaya Technologies has a 52 week low of $8.50 and a 52 week high of $44.99. The company has a debt-to-equity ratio of 1.16, a quick ratio of 11.41 and a current ratio of 11.41. The stock has a fifty day moving average of $22.63 and a 200-day moving average of $28.11.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings data on Monday, November 10th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.46. Pagaya Technologies had a positive return on equity of 31.59% and a negative net margin of 15.32%.The firm had revenue of $350.17 million during the quarter, compared to analyst estimates of $338.86 million. During the same period last year, the company earned $0.44 earnings per share. The company’s revenue was up 36.3% on a year-over-year basis. On average, equities research analysts forecast that Pagaya Technologies will post 0.88 EPS for the current year.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, insider Tami Rosen sold 7,561 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $30.73, for a total value of $232,349.53. Following the transaction, the insider directly owned 37,544 shares of the company’s stock, valued at $1,153,727.12. This represents a 16.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Sanjiv Das sold 3,945 shares of Pagaya Technologies stock in a transaction on Monday, January 5th. The stock was sold at an average price of $22.99, for a total value of $90,695.55. Following the sale, the president directly owned 129,986 shares of the company’s stock, valued at $2,988,378.14. This represents a 2.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 21,256 shares of company stock worth $547,198 in the last ninety days. 47.59% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Versant Capital Management Inc acquired a new stake in shares of Pagaya Technologies during the 3rd quarter worth approximately $25,000. LSV Asset Management bought a new stake in Pagaya Technologies during the third quarter worth $36,000. Caitong International Asset Management Co. Ltd lifted its stake in Pagaya Technologies by 35.8% during the second quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company’s stock worth $42,000 after purchasing an additional 520 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Pagaya Technologies by 1,386.2% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,983 shares of the company’s stock valued at $83,000 after purchasing an additional 3,715 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new position in shares of Pagaya Technologies in the 3rd quarter valued at $84,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

About Pagaya Technologies

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.