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

Pagaya Technologies (NASDAQ:PGY)‘s stock had its “buy” rating reiterated by investment analysts at Benchmark in a research note issued on Wednesday, Benzinga reports. They presently have a $21.00 target price on the stock. Benchmark’s target price would suggest a potential upside of 85.02% from the stock’s previous close.

A number of other research firms also recently issued reports on PGY. Canaccord Genuity Group decreased their price objective on shares of Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating for the company in a report on Monday, September 30th. Wedbush restated a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a research note on Monday, August 12th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. B. Riley decreased their target price on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Finally, Oppenheimer started coverage on Pagaya Technologies in a research report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Pagaya Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $22.89.

Pagaya Technologies Price Performance

Pagaya Technologies stock opened at $11.35 on Wednesday. Pagaya Technologies has a 52 week low of $8.56 and a 52 week high of $20.50. The company’s 50 day moving average price is $12.04 and its two-hundred day moving average price is $12.06. The stock has a market cap of $804.72 million, a P/E ratio of -8.05 and a beta of 6.36. The company has a quick ratio of 1.50, a current 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 analysts’ consensus estimates of ($0.04) by ($0.11). The business had revenue of $250.34 million for the quarter, compared to the consensus estimate of $239.16 million. Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. On average, equities analysts predict that Pagaya Technologies will post -0.15 earnings per share for the current year.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, CFO Evangelos Perros sold 24,171 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $13.55, for a total value of $327,517.05. Following the completion of the transaction, the chief financial officer now owns 23,791 shares in the company, valued at $322,368.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CRO Yahav Yulzari sold 11,662 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $15.78, for a total transaction of $184,026.36. Following the sale, the executive now owns 288,037 shares of the company’s stock, valued at approximately $4,545,223.86. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Evangelos Perros sold 24,171 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $13.55, for a total transaction of $327,517.05. Following the completion of the sale, the chief financial officer now owns 23,791 shares in the company, valued at $322,368.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,475 shares of company stock worth $943,456. 19.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PGY. nVerses Capital LLC bought a new position in shares of Pagaya Technologies in the second quarter worth approximately $74,000. SG Americas Securities LLC purchased a new position in Pagaya Technologies in the 2nd quarter worth approximately $101,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Pagaya Technologies in the 2nd quarter worth $166,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Pagaya Technologies during the 2nd quarter valued at $187,000. Finally, Castle Hook Partners LP purchased a new stake in shares of Pagaya Technologies during the 1st quarter valued at $188,000. 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.