Pagaya Technologies (NASDAQ:PGY) Price Target Cut to $32.00 by Analysts at Canaccord Genuity Group

Pagaya Technologies (NASDAQ:PGY) had its target price decreased by analysts at Canaccord Genuity Group from $42.00 to $32.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 204.18% from the company’s previous close.

PGY has been the topic of several other research reports. B. Riley reduced their price target on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a report on Monday. Keefe, Bruyette & Woods began coverage on Pagaya Technologies in a research report on Monday, June 17th. They issued an “outperform” rating and a $23.00 price objective on the stock. Wedbush restated a “neutral” rating and issued a $13.00 target price on shares of Pagaya Technologies in a report on Monday, August 12th. Benchmark assumed coverage on shares of Pagaya Technologies in a report on Monday, August 26th. They set a “buy” rating and a $21.00 price target for the company. Finally, JMP Securities restated a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.25.

Pagaya Technologies Price Performance

Shares of NASDAQ:PGY traded up $0.56 during trading on Monday, hitting $10.52. 2,053,679 shares of the stock were exchanged, compared to its average volume of 1,245,508. Pagaya Technologies has a 12-month low of $8.56 and a 12-month high of $20.50. The company has a market cap of $745.87 million, a PE ratio of -7.46 and a beta of 6.41. The company has a fifty day moving average price of $13.08 and a two-hundred day moving average price of $12.07. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72.

Pagaya Technologies (NASDAQ:PGY) last posted its earnings results on Friday, August 9th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate 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. On average, analysts forecast that Pagaya Technologies will post -0.11 EPS for the current year.

Insider Buying and Selling at Pagaya Technologies

In related news, President Sanjiv Das sold 10,794 shares of Pagaya Technologies stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $14.57, for a total value of $157,268.58. Following the transaction, the president now owns 66,232 shares in the company, valued at $965,000.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Evangelos Perros sold 24,171 shares of Pagaya Technologies stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total transaction of $327,517.05. Following the transaction, the chief financial officer now owns 23,791 shares in the company, valued at approximately $322,368.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Sanjiv Das sold 10,794 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $14.57, for a total transaction of $157,268.58. Following the sale, the president now directly owns 66,232 shares of the company’s stock, valued at $965,000.24. The disclosure for this sale can be found here. Insiders have sold a total of 66,453 shares of company stock worth $973,545 in the last quarter. 19.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of PGY. nVerses Capital LLC acquired a new position in shares of Pagaya Technologies in the second quarter worth about $74,000. SG Americas Securities LLC purchased a new stake in Pagaya Technologies during the 2nd quarter worth approximately $101,000. Cornerstone Investment Partners LLC purchased a new stake in Pagaya Technologies during the 1st quarter worth approximately $158,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Pagaya Technologies in the 2nd quarter valued at approximately $166,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Pagaya Technologies during the 2nd quarter valued at approximately $187,000. 57.14% of the stock is owned by institutional investors and hedge funds.

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.