FY2024 EPS Estimates for Pagaya Technologies Ltd. (NASDAQ:PGY) Cut by Analyst

Pagaya Technologies Ltd. (NASDAQ:PGY) – Investment analysts at B. Riley reduced their FY2024 earnings estimates for Pagaya Technologies in a note issued to investors on Monday, September 30th. B. Riley analyst H. Goetsch now forecasts that the company will post earnings of ($0.08) per share for the year, down from their prior forecast of ($0.05). B. Riley has a “Buy” rating and a $36.00 price objective on the stock. The consensus estimate for Pagaya Technologies’ current full-year earnings is ($0.11) per share. B. Riley also issued estimates for Pagaya Technologies’ FY2025 earnings at $1.51 EPS.

Pagaya Technologies (NASDAQ:PGY) last released 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). Pagaya Technologies had a negative net margin of 14.58% and a negative return on equity of 3.10%. The firm had revenue of $250.34 million during the quarter, compared to analyst estimates of $239.16 million.

Several other research firms have also recently commented on PGY. JMP Securities reissued a “market outperform” rating and set a $25.00 price target on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. 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 price target on the stock. Canaccord Genuity Group decreased their price target on shares of Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating on the stock in a research note on Monday. Keefe, Bruyette & Woods initiated coverage on shares of Pagaya Technologies in a research note on Monday, June 17th. They set an “outperform” rating and a $23.00 price target on the stock. Finally, Wedbush reissued a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.89.

Pagaya Technologies Price Performance

PGY opened at $9.99 on Thursday. Pagaya Technologies has a one year low of $8.56 and a one year high of $20.50. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.50 and a quick ratio of 1.50. The company’s 50 day simple moving average is $12.80 and its 200-day simple moving average is $12.04. The stock has a market capitalization of $708.29 million, a P/E ratio of -7.09 and a beta of 6.41.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Pagaya Technologies during the first quarter worth $12,686,000. Hood River Capital Management LLC acquired a new stake in shares of Pagaya Technologies during the first quarter worth $9,265,000. Quadrature Capital Ltd acquired a new stake in shares of Pagaya Technologies during the fourth quarter worth $1,079,000. Millennium Management LLC raised its holdings in shares of Pagaya Technologies by 455.9% during the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after acquiring an additional 179,235 shares during the period. Finally, Divisadero Street Capital Management LP acquired a new stake in shares of Pagaya Technologies during the second quarter worth $2,273,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Pagaya Technologies

In related news, CFO Evangelos Perros sold 24,171 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total value of $327,517.05. Following the transaction, the chief financial officer now directly owns 23,791 shares in the company, valued at $322,368.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Pagaya Technologies news, CRO Yahav Yulzari sold 11,662 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $15.78, for a total value of $184,026.36. Following the sale, the executive now directly owns 288,037 shares in the company, valued at $4,545,223.86. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Evangelos Perros sold 24,171 shares of the stock in a transaction 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. The disclosure for this sale can be found here. Insiders have sold 66,453 shares of company stock worth $973,545 over the last ninety days. Company insiders own 19.70% of the company’s stock.

Pagaya Technologies Company Profile

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.