Benchmark Reiterates Buy Rating for Pagaya Technologies (NASDAQ:PGY)

Benchmark restated their buy rating on shares of Pagaya Technologies (NASDAQ:PGY) in a report issued on Monday,Benzinga reports. Benchmark currently has a $25.00 price objective on the stock.

Several other brokerages also recently commented on PGY. JMP Securities raised their price objective on Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Friday, February 14th. UBS Group began coverage on Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Thursday, February 13th. Finally, Citigroup upgraded Pagaya Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $13.00 to $14.50 in a report on Friday, February 7th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

Pagaya Technologies Stock Performance

Shares of Pagaya Technologies stock opened at $11.19 on Monday. The company has a market capitalization of $824.21 million, a PE ratio of -2.03 and a beta of 5.98. Pagaya Technologies has a 12 month low of $8.20 and a 12 month high of $19.20. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82. The stock’s fifty day simple moving average is $11.15 and its 200 day simple moving average is $10.97.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.32). The business had revenue of $279.39 million for the quarter, compared to analyst estimates of $264.28 million. Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. During the same period in the previous year, the business posted $0.24 EPS. On average, research analysts predict that Pagaya Technologies will post 0.88 EPS for the current year.

Insider Buying and Selling

In related news, insider Tami Rosen sold 35,369 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $15.00, for a total transaction of $530,535.00. Following the sale, the insider now owns 38,181 shares in the company, valued at approximately $572,715. This represents a 48.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Sanjiv Das sold 6,343 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $63,239.71. Following the sale, the president now owns 75,528 shares in the company, valued at $753,014.16. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,692 shares of company stock worth $1,205,379. Corporate insiders own 49.56% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors have recently bought and sold shares of PGY. GSA Capital Partners LLP acquired a new position in Pagaya Technologies during the third quarter worth approximately $374,000. Intech Investment Management LLC acquired a new position in Pagaya Technologies during the third quarter worth approximately $191,000. Charles Schwab Investment Management Inc. increased its position in Pagaya Technologies by 17.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company’s stock worth $1,184,000 after buying an additional 16,533 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Pagaya Technologies by 13.2% during the third quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock worth $176,000 after buying an additional 1,937 shares during the last quarter. Finally, FMR LLC increased its position in Pagaya Technologies by 8.3% during the third quarter. FMR LLC now owns 524,570 shares of the company’s stock worth $5,545,000 after buying an additional 40,031 shares during the last quarter. Institutional investors and hedge funds 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.