Principal Financial Group Inc. Makes New $2.33 Million Investment in Pagaya Technologies Ltd. $PGY

Principal Financial Group Inc. purchased a new stake in Pagaya Technologies Ltd. (NASDAQ:PGY) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 78,545 shares of the company’s stock, valued at approximately $2,332,000. Principal Financial Group Inc. owned 0.10% of Pagaya Technologies at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Versant Capital Management Inc bought a new stake in shares of Pagaya Technologies during the 3rd quarter valued at $25,000. Caitong International Asset Management Co. Ltd lifted its position 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 period. State of Alaska Department of Revenue acquired a new stake in Pagaya Technologies during the third quarter worth about $84,000. Pilgrim Partners Asia Pte Ltd bought a new position in Pagaya Technologies in the 3rd quarter valued at about $98,000. Finally, Tower Research Capital LLC TRC increased its holdings in Pagaya Technologies by 177.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,561 shares of the company’s stock valued at $140,000 after buying an additional 4,199 shares during the period. Institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Trading Up 0.2%

NASDAQ PGY opened at $12.43 on Tuesday. The company has a market cap of $999.37 million, a price-to-earnings ratio of 13.97 and a beta of 5.85. Pagaya Technologies Ltd. has a twelve month low of $8.50 and a twelve month high of $44.99. The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 1.16. The business’s fifty day moving average is $21.00 and its 200 day moving average is $27.13.

Pagaya Technologies (NASDAQ:PGY) last issued its earnings results on Monday, February 9th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.05. Pagaya Technologies had a return on equity of 45.94% and a net margin of 6.25%.The business had revenue of $334.81 million during the quarter, compared to analysts’ expectations of $348.75 million. During the same quarter in the prior year, the firm earned $0.17 EPS. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, sell-side analysts expect that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Benchmark reduced their price target on shares of Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Jefferies Financial Group reduced their target price on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Zacks Research lowered Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Freedom Capital upgraded Pagaya Technologies to a “strong-buy” rating in a research report on Tuesday, February 3rd. Finally, Keefe, Bruyette & Woods reduced their price objective on Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, January 2nd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Pagaya Technologies presently has an average rating of “Moderate Buy” and an average price target of $33.11.

Insiders Place Their Bets

In related news, CFO Evangelos Perros sold 9,750 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $22.99, for a total value of $224,152.50. Following the completion of the sale, the chief financial officer directly owned 100,212 shares in the company, valued at $2,303,873.88. This represents a 8.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Sanjiv Das sold 3,945 shares of the firm’s 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 transaction, the president directly owned 129,986 shares of the company’s stock, valued at approximately $2,988,378.14. This represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,256 shares of company stock valued at $547,198 in the last ninety days. 47.59% of the stock is currently owned by insiders.

Pagaya Technologies 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.