Pagaya Technologies Ltd. (NASDAQ:PGY) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in Pagaya Technologies Ltd. (NASDAQ:PGY) by 16.0% in the 4th quarter, Holdings Channel reports. The institutional investor owned 88,266 shares of the company’s stock after selling 16,777 shares during the period. Bank of New York Mellon Corp’s holdings in Pagaya Technologies were worth $820,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in Pagaya Technologies by 502.5% in the third quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company’s stock valued at $1,610,000 after acquiring an additional 127,012 shares during the last quarter. Point72 Asset Management L.P. raised its position in Pagaya Technologies by 4,374.9% in the third quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after purchasing an additional 304,890 shares during the period. Centiva Capital LP acquired a new position in shares of Pagaya Technologies in the 3rd quarter valued at $617,000. IFP Advisors Inc grew its holdings in shares of Pagaya Technologies by 80.7% during the 4th quarter. IFP Advisors Inc now owns 13,265 shares of the company’s stock worth $123,000 after purchasing an additional 5,925 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Pagaya Technologies by 17.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company’s stock worth $1,184,000 after purchasing an additional 16,533 shares during the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PGY has been the topic of a number of recent analyst reports. Citigroup raised shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $14.50 in a research report on Friday, February 7th. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Canaccord Genuity Group reiterated a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a report on Thursday, February 13th. UBS Group started coverage on Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price target on the stock. Finally, JMP Securities raised their price target on Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

Insider Activity

In other news, 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 transaction of $63,239.71. Following the completion of the transaction, the president now directly owns 75,528 shares of the company’s stock, valued at approximately $753,014.16. This represents a 7.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Evangelos Perros sold 21,305 shares of the firm’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 $212,410.85. Following the sale, the chief financial officer now directly owns 54,029 shares in the company, valued at $538,669.13. This trade represents a 28.28 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,692 shares of company stock worth $1,205,379. 49.56% of the stock is currently owned by company insiders.

Pagaya Technologies Stock Performance

Shares of PGY stock opened at $12.36 on Wednesday. The firm has a 50 day moving average of $11.40 and a two-hundred day moving average of $10.92. The stock has a market capitalization of $910.39 million, a PE ratio of -2.25 and a beta of 5.98. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. Pagaya Technologies Ltd. has a 52 week low of $8.20 and a 52 week high of $19.20.

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

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.