Pagaya Technologies (NASDAQ:PGY) Receives New Coverage from Analysts at Oppenheimer

Equities researchers at Oppenheimer assumed coverage on shares of Pagaya Technologies (NASDAQ:PGY) in a report released on Tuesday, StockNewsAPI reports. The firm set an “outperform” rating and a $12.00 price target on the stock. Oppenheimer’s target price points to a potential upside of 13.53% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. Benchmark initiated coverage on shares of Pagaya Technologies in a research note on Monday, August 26th. They set a “buy” rating and a $21.00 target price for the company. Canaccord Genuity Group lowered their target price on Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating on the stock in a research note on Monday. B. Riley dropped their target price on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday. Keefe, Bruyette & Woods assumed coverage on Pagaya Technologies in a research note on Monday, June 17th. They issued an “outperform” rating and a $23.00 price target for the company. Finally, Wedbush reaffirmed a “neutral” rating and set a $13.00 price objective on shares of Pagaya Technologies in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.89.

Pagaya Technologies Stock Up 6.1 %

Shares of Pagaya Technologies stock opened at $10.57 on Tuesday. Pagaya Technologies has a 1 year low of $8.56 and a 1 year high of $20.50. The company has a market cap of $749.41 million, a P/E ratio of -7.50 and a beta of 6.41. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72. The stock has a 50-day moving average price of $12.99 and a 200 day moving average price of $12.07.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.11). The company had revenue of $250.34 million during the quarter, compared to analysts’ expectations of $239.16 million. Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. As a group, analysts expect that Pagaya Technologies will post -0.11 EPS 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 on Wednesday, July 31st. The shares were sold at an average price of $14.70, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Pagaya Technologies news, CFO Evangelos Perros sold 24,171 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $13.55, for a total value of $327,517.05. Following the sale, the chief financial officer now owns 23,791 shares of the company’s stock, valued at approximately $322,368.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tami Rosen sold 8,025 shares of Pagaya Technologies stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $14.70, for a total value of $117,967.50. Following the completion of the transaction, the insider now directly owns 55,751 shares in the company, valued at $819,539.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,453 shares of company stock worth $973,545. 19.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PGY. nVerses Capital LLC acquired a new stake in Pagaya Technologies during the second quarter worth about $74,000. SG Americas Securities LLC acquired a new stake in shares of Pagaya Technologies during the 2nd quarter worth approximately $101,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Pagaya Technologies during the 2nd quarter worth approximately $166,000. The Manufacturers Life Insurance Company bought a new stake in shares of Pagaya Technologies during the second quarter valued at approximately $187,000. Finally, Cornerstone Investment Partners LLC acquired a new position in shares of Pagaya Technologies in the first quarter valued at $158,000. 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.