Pagaya Technologies (NASDAQ:PGY) Given New $32.00 Price Target at Citigroup

Pagaya Technologies (NASDAQ:PGY) had its price target trimmed by Citigroup from $40.00 to $32.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

PGY has been the subject of several other research reports. Keefe, Bruyette & Woods decreased their target price on Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research note on Friday, January 2nd. Jefferies Financial Group cut their target price on shares of Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday. Canaccord Genuity Group decreased their price target on shares of Pagaya Technologies from $39.00 to $32.00 and set a “buy” rating for the company in a research note on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Pagaya Technologies in a report on Friday, January 9th. Finally, Wall Street Zen cut shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 6th. One equities research 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 given a Sell rating to the stock. According to MarketBeat, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.11.

Pagaya Technologies Price Performance

Shares of NASDAQ PGY opened at $12.40 on Thursday. The company has a market capitalization of $996.96 million, a PE ratio of 13.93 and a beta of 5.85. The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 1.16. Pagaya Technologies has a twelve month low of $8.50 and a twelve month high of $44.99. The firm has a fifty day simple moving average of $21.50 and a 200 day simple moving average of $27.42.

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

Insider Activity at Pagaya Technologies

In related news, insider Tami Rosen sold 7,561 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $30.73, for a total transaction of $232,349.53. Following the transaction, the insider directly owned 37,544 shares in the company, valued at approximately $1,153,727.12. The trade was a 16.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Sanjiv Das sold 3,945 shares of Pagaya Technologies stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $22.99, for a total transaction of $90,695.55. Following the completion of the sale, the president directly owned 129,986 shares in the company, valued at $2,988,378.14. This trade represents a 2.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 21,256 shares of company stock valued at $547,198 over the last ninety days. Corporate insiders own 47.59% of the company’s stock.

Institutional Trading of Pagaya Technologies

Several institutional investors and hedge funds have recently bought and sold shares of PGY. Versant Capital Management Inc bought a new stake in Pagaya Technologies during the third quarter valued at approximately $25,000. Root Financial Partners LLC purchased a new position in Pagaya Technologies in the 4th quarter worth $27,000. LSV Asset Management purchased a new position in shares of Pagaya Technologies in the third quarter worth about $36,000. Caitong International Asset Management Co. Ltd lifted 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 purchasing an additional 520 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in Pagaya Technologies during the 4th quarter valued at $52,000. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

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.