Pagaya Technologies (NASDAQ:PGY) Price Target Cut to $36.00

Pagaya Technologies (NASDAQ:PGY) had its target price cut by analysts at B. Riley from $48.00 to $36.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price objective would suggest a potential upside of 262.17% from the company’s current price.

Several other research analysts also recently issued reports on PGY. Wedbush reiterated a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a research report on Monday, August 12th. Canaccord Genuity Group restated a “buy” rating and set a $42.00 target price on shares of Pagaya Technologies in a research report on Monday, August 12th. Keefe, Bruyette & Woods started coverage on shares of Pagaya Technologies in a research report on Monday, June 17th. They set an “outperform” rating and a $23.00 target price on the stock. Benchmark started coverage on shares of Pagaya Technologies in a research report on Monday, August 26th. They set a “buy” rating and a $21.00 target price on the stock. 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 seven have given a buy rating to the stock. Based on data from MarketBeat, Pagaya Technologies currently has an average rating of “Moderate Buy” and an average price target of $22.89.

Pagaya Technologies Stock Down 6.0 %

PGY opened at $9.94 on Monday. The firm’s 50-day simple moving average is $12.99 and its 200-day simple moving average is $12.07. The firm has a market cap of $704.75 million, a price-to-earnings ratio of -7.05 and a beta of 6.41. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50. Pagaya Technologies has a twelve month low of $8.56 and a twelve month high of $20.50.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.11). The company had revenue of $250.34 million for the quarter, compared to analyst estimates of $239.16 million. Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. Equities research analysts anticipate that Pagaya Technologies will post -0.11 EPS for the current fiscal year.

Insider Activity

In other Pagaya Technologies news, CTO Avital Pardo sold 11,601 shares of Pagaya Technologies stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $15.83, for a total value of $183,643.83. Following the transaction, the chief technology officer now owns 433,125 shares of the company’s stock, valued at $6,856,368.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CTO Avital Pardo sold 11,601 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $15.83, for a total value of $183,643.83. Following the sale, the chief technology officer now directly owns 433,125 shares in the company, valued at $6,856,368.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Tami Rosen sold 8,025 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $14.70, for a total value of $117,967.50. Following the transaction, the insider now owns 55,751 shares of the company’s stock, valued at $819,539.70. The disclosure for this sale can be found here. Insiders sold a total of 66,453 shares of company stock valued at $973,545 in the last ninety days. 19.70% of the stock is owned by insiders.

Institutional Trading of Pagaya Technologies

Institutional investors have recently made changes to their positions in the business. nVerses Capital LLC bought a new stake in shares of Pagaya Technologies in the second quarter worth $74,000. SG Americas Securities LLC bought a new stake in Pagaya Technologies during the second quarter worth $101,000. Cornerstone Investment Partners LLC bought a new stake in Pagaya Technologies during the first quarter worth $158,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Pagaya Technologies during the second quarter worth $166,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Pagaya Technologies during the second quarter worth $187,000. Institutional investors own 57.14% 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.