Pagaya Technologies (NASDAQ:PGY) PT Lowered to $32.00

Pagaya Technologies (NASDAQ:PGY) had its target price lowered by Canaccord Genuity Group from $42.00 to $32.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 221.93% from the stock’s current price.

PGY has been the topic of a number of other reports. Wedbush restated a “neutral” rating and issued a $13.00 price target on shares of Pagaya Technologies in a research report on Monday, August 12th. JMP Securities reissued a “market outperform” rating and set a $25.00 price target on shares of Pagaya Technologies in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods initiated coverage on shares of Pagaya Technologies in a report on Monday, June 17th. They issued an “outperform” rating and a $23.00 price objective for the company. Benchmark assumed coverage on shares of Pagaya Technologies in a research note on Monday, August 26th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, B. Riley lowered their price target on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Pagaya Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $22.89.

Pagaya Technologies Trading Down 6.0 %

Shares of PGY stock opened at $9.94 on Monday. Pagaya Technologies has a twelve month low of $8.56 and a twelve month high of $20.50. The company has a market capitalization of $704.75 million, a price-to-earnings ratio of -7.05 and a beta of 6.41. The firm has a 50-day moving average price of $12.99 and a 200 day moving average price of $12.07. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.11). Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. The company had revenue of $250.34 million for the quarter, compared to analyst estimates of $239.16 million. Research analysts forecast that Pagaya Technologies will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Tami Rosen sold 8,025 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.70, for a total value of $117,967.50. Following the transaction, the insider now owns 55,751 shares in the company, valued at approximately $819,539.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, President Sanjiv Das sold 10,794 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $14.57, for a total value of $157,268.58. Following the completion of the transaction, the president now owns 66,232 shares in the company, valued at approximately $965,000.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Tami Rosen sold 8,025 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.70, for a total value of $117,967.50. Following the completion of the sale, the insider now directly owns 55,751 shares of the company’s stock, valued at approximately $819,539.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,453 shares of company stock worth $973,545. Corporate insiders own 19.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in Pagaya Technologies during the 1st quarter valued at about $12,686,000. Hood River Capital Management LLC purchased a new stake in shares of Pagaya Technologies in the 1st quarter worth about $9,265,000. Quadrature Capital Ltd lifted its holdings in Pagaya Technologies by 3,558.5% in the fourth quarter. Quadrature Capital Ltd now owns 784,860 shares of the company’s stock worth $1,079,000 after buying an additional 763,407 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Pagaya Technologies by 14.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 675,064 shares of the company’s stock valued at $6,818,000 after acquiring an additional 83,913 shares in the last quarter. Finally, Yarra Square Partners LP raised its position in shares of Pagaya Technologies by 29.9% in the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock worth $7,903,000 after acquiring an additional 142,500 shares in the last quarter. Institutional investors own 57.14% of the company’s stock.

About Pagaya Technologies

Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial institutions and investors in the United States, Israel, the Cayman Islands, and internationally. The company develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets.