Key Points
- Pagaya Technologies CAO Cory Vieira sold 2,140 shares on June 2 at an average price of $15.01, for proceeds of about $32,121. The sale reduced his holdings by 10.53% and was made to cover tax withholding tied to equity award vesting.
- PGY stock rose 10.7% and opened at $15.46, near the company’s 50-day moving average of $13.39. The stock remains well below its 52-week high of $44.99.
- Wall Street remains broadly positive on Pagaya, with a consensus rating of “Buy” and an average price target of $33.11. Institutional ownership is also significant, with hedge funds and other investors holding 57.14% of the shares.
Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) CAO Cory Vieira sold 2,140 shares of the business's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the transaction, the chief accounting officer owned 18,179 shares in the company, valued at approximately $272,866.79. The trade was a 10.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Pagaya Technologies Stock Up 10.7%
PGY opened at $15.46 on Friday. The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 14.45 and a beta of 5.35. Pagaya Technologies Ltd. has a twelve month low of $10.40 and a twelve month high of $44.99. The company's 50-day moving average price is $13.39 and its two-hundred day moving average price is $16.84.
Pagaya Technologies (NASDAQ:PGY - Get Free Report) last released its earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share for the quarter. The company had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. As a group, equities analysts expect that Pagaya Technologies Ltd. will post 2.92 earnings per share for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. Divisadero Street Capital Management LP lifted its stake in Pagaya Technologies by 79.8% in the 3rd quarter. Divisadero Street Capital Management LP now owns 416,919 shares of the company's stock worth $12,378,000 after purchasing an additional 185,000 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Pagaya Technologies by 3,179.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 426,089 shares of the company's stock worth $9,493,000 after purchasing an additional 413,096 shares in the last quarter. Zweig DiMenna Associates LLC purchased a new stake in Pagaya Technologies in the 3rd quarter worth approximately $5,525,000. Adams Street Partners LLC purchased a new stake in Pagaya Technologies in the 3rd quarter worth approximately $10,526,000. Finally, Bessemer Group Inc. purchased a new stake in Pagaya Technologies in the 3rd quarter worth approximately $1,603,000. Hedge funds and other institutional investors own 57.14% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on the stock. Zacks Research upgraded shares of Pagaya Technologies from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. Jefferies Financial Group dropped their price target 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, February 10th. Canaccord Genuity Group restated a "buy" rating and set a $32.00 price target on shares of Pagaya Technologies in a research note on Monday, May 18th. Benchmark dropped 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 note on Tuesday, February 10th. Finally, Weiss Ratings cut shares of Pagaya Technologies from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Pagaya Technologies currently has a consensus rating of "Buy" and a consensus target price of $33.11.
Get Our Latest Stock Analysis on Pagaya Technologies
About Pagaya Technologies
(
Get Free Report)
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.
Further Reading
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