Allspring Global Investments Holdings LLC Acquires 413,096 Shares of Pagaya Technologies Ltd. $PGY

Allspring Global Investments Holdings LLC grew its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY) by 3,179.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 426,089 shares of the company’s stock after acquiring an additional 413,096 shares during the period. Allspring Global Investments Holdings LLC owned about 0.53% of Pagaya Technologies worth $9,493,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Moody National Bank Trust Division raised its stake in Pagaya Technologies by 2.4% during the 4th quarter. Moody National Bank Trust Division now owns 28,978 shares of the company’s stock valued at $606,000 after purchasing an additional 666 shares during the period. Diversified Trust Co. purchased a new position in Pagaya Technologies in the 4th quarter worth approximately $203,000. Wealth Enhancement Advisory Services LLC boosted its stake in Pagaya Technologies by 75.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 47,913 shares of the company’s stock worth $1,001,000 after purchasing an additional 20,642 shares during the period. IFP Advisors Inc boosted its stake in Pagaya Technologies by 20.7% in the 3rd quarter. IFP Advisors Inc now owns 11,886 shares of the company’s stock worth $353,000 after purchasing an additional 2,036 shares during the period. Finally, Advisory Services Network LLC grew its holdings in Pagaya Technologies by 23.7% during the 3rd quarter. Advisory Services Network LLC now owns 10,987 shares of the company’s stock valued at $326,000 after buying an additional 2,105 shares in the last quarter. Hedge funds and other institutional investors own 57.14% of the company’s stock.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, CFO Evangelos Perros sold 13,004 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $11.34, for a total transaction of $147,465.36. Following the sale, the chief financial officer directly owned 122,174 shares in the company, valued at $1,385,453.16. This represents a 9.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Sanjiv Das sold 9,702 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $10.99, for a total value of $106,624.98. Following the completion of the sale, the president directly owned 144,034 shares of the company’s stock, valued at $1,582,933.66. The trade was a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 37,036 shares of company stock valued at $411,577. Insiders own 47.59% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PGY. Benchmark reduced their price objective 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 cut their target price on shares of Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Freedom Capital upgraded shares of Pagaya Technologies to a “strong-buy” rating in a report on Tuesday, February 3rd. Keefe, Bruyette & Woods decreased their price target 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. Finally, Canaccord Genuity Group dropped their price objective on shares of Pagaya Technologies from $39.00 to $32.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.11.

Pagaya Technologies Stock Performance

Shares of PGY opened at $11.77 on Monday. The stock has a market capitalization of $971.38 million, a PE ratio of 13.22 and a beta of 5.74. The company’s fifty day moving average is $13.26 and its 200 day moving average is $21.57. The company has a debt-to-equity ratio of 1.22, a quick ratio of 10.55 and a current ratio of 10.55. Pagaya Technologies Ltd. has a fifty-two week low of $8.50 and a fifty-two week high of $44.99.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data on Monday, February 9th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.05. Pagaya Technologies had a net margin of 6.25% and a return on equity of 44.24%. The business had revenue of $334.81 million during the quarter, compared to analysts’ expectations of $348.75 million. During the same period last year, the company posted $0.17 EPS. The business’s revenue was up 19.8% on a year-over-year basis. Sell-side analysts expect that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current fiscal year.

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.