ARK Investment Management LLC Sells 106,217 Shares of Pagaya Technologies Ltd. $PGY

ARK Investment Management LLC cut its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY) by 61.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,533 shares of the company’s stock after selling 106,217 shares during the period. ARK Investment Management LLC owned about 0.09% of Pagaya Technologies worth $1,975,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Versant Capital Management Inc purchased a new position in Pagaya Technologies in the third quarter worth about $25,000. LSV Asset Management bought a new stake in shares of Pagaya Technologies in the 3rd quarter valued at approximately $36,000. State of Alaska Department of Revenue bought a new stake in shares of Pagaya Technologies in the 3rd quarter valued at approximately $84,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Pagaya Technologies in the 3rd quarter worth approximately $98,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Pagaya Technologies by 177.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,561 shares of the company’s stock valued at $140,000 after purchasing an additional 4,199 shares during the last quarter. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

Pagaya Technologies Stock Up 2.8%

Shares of NASDAQ PGY opened at $12.01 on Friday. Pagaya Technologies Ltd. has a 12-month low of $8.50 and a 12-month high of $44.99. The stock’s fifty day simple moving average is $18.06 and its two-hundred day simple moving average is $25.42. The stock has a market capitalization of $965.60 million, a PE ratio of 13.49 and a beta of 5.92. The company has a current ratio of 10.55, a quick ratio of 11.41 and a debt-to-equity ratio of 1.22.

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

Analysts Set New Price Targets

A number of analysts recently issued reports on PGY shares. Citigroup lowered their price target on Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Keefe, Bruyette & Woods lowered their target price on shares of Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a report on Friday, January 2nd. Zacks Research cut shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Freedom Capital raised shares of Pagaya Technologies to a “strong-buy” rating in a research report on Tuesday, February 3rd. Finally, Jefferies Financial Group decreased their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $33.11.

Insider Activity

In other news, President Sanjiv Das sold 3,945 shares of Pagaya Technologies stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $22.99, for a total value of $90,695.55. Following the transaction, the president owned 129,986 shares of the company’s stock, valued at $2,988,378.14. The trade was a 2.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Evangelos Perros sold 9,750 shares of the business’s 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 $224,152.50. Following the transaction, the chief financial officer owned 100,212 shares of the company’s stock, valued at approximately $2,303,873.88. This trade represents a 8.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 21,256 shares of company stock worth $547,198. Corporate insiders own 47.59% of the company’s stock.

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.