Pagaya Technologies Ltd. (NASDAQ:PGY – Get Free Report) was the target of some unusual options trading on Tuesday. Investors bought 6,711 call options on the company. This is an increase of approximately 40% compared to the average daily volume of 4,780 call options.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $32.00 target price on shares of Pagaya Technologies in a report on Monday, May 18th. Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Weiss Ratings upgraded Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Finally, Texas Capital raised shares of Pagaya Technologies to a “strong-buy” rating in a research note on Wednesday, June 10th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Pagaya Technologies currently has a consensus rating of “Buy” and a consensus target price of $35.86.
Check Out Our Latest Stock Analysis on PGY
Pagaya Technologies Stock Performance
Pagaya Technologies (NASDAQ:PGY – Get Free Report) last posted its earnings results on Sunday, March 22nd. The company reported ($40.85) EPS for the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. The company had revenue of $91.63 million during the quarter. Equities analysts anticipate that Pagaya Technologies will post 2.92 earnings per share for the current year.
Insiders Place Their Bets
In other news, Director Tami Rosen sold 9,944 shares of Pagaya Technologies stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $15.20, for a total value of $151,148.80. Following the sale, the director directly owned 37,544 shares of the company’s stock, valued at $570,668.80. The trade was a 20.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Cory Vieira sold 2,140 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total value of $32,121.40. Following the sale, the chief accounting officer owned 18,179 shares of the company’s stock, valued at $272,866.79. The trade was a 10.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 67,810 shares of company stock valued at $1,070,925. 47.59% of the stock is owned by corporate insiders.
Institutional Trading of Pagaya Technologies
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC increased its stake in Pagaya Technologies by 75.2% during the fourth quarter. Millennium Management LLC now owns 1,738,760 shares of the company’s stock worth $36,340,000 after purchasing an additional 746,216 shares during the period. Goldman Sachs Group Inc. lifted its stake in Pagaya Technologies by 26.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock worth $17,871,000 after acquiring an additional 359,099 shares during the last quarter. Two Sigma Investments LP raised its holdings in shares of Pagaya Technologies by 5.2% in the 3rd quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock valued at $43,127,000 after purchasing an additional 71,639 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Pagaya Technologies by 27.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company’s stock worth $28,300,000 after acquiring an additional 290,379 shares in the last quarter. Finally, Nuveen LLC raised its holdings in Pagaya Technologies by 3.7% during the fourth quarter. Nuveen LLC now owns 1,299,274 shares of the company’s stock worth $27,155,000 after purchasing an additional 46,536 shares in the last quarter. Hedge funds and other institutional investors own 57.14% of the company’s stock.
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.
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