Pagaya Technologies Ltd. has reported that its Chief Financial Officer, Evangelos Perros, sold 9,750 shares of the company’s stock on January 5, 2024. The transaction, conducted at an average price of $22.99 per share, amounted to a total value of $224,152.50. Following this sale, Perros retains ownership of 100,212 shares, valued at approximately $2,303,873.88. This sale represents an 8.87% reduction in his stake in the company.
The details of the transaction were disclosed in a filing with the Securities and Exchange Commission, which is available for public access. On Thursday, Pagaya Technologies’ stock opened at $24.27. The company’s stock has fluctuated significantly over the past year, reaching a low of $8.27 and a high of $44.99. Currently, the fifty-day simple moving average stands at $23.63, while the 200-day simple moving average is at $28.24.
Market Performance and Analyst Ratings
Pagaya Technologies currently boasts a market capitalization of $1.95 billion, with a price-to-earnings (PE) ratio of -9.09 and a beta of 5.86. The company’s liquidity ratios appear strong, with a current ratio and quick ratio both reported at 11.41, and a debt-to-equity ratio of 1.16.
Recent analyses from various brokerages indicate differing outlooks for Pagaya Technologies. On October 1, 2023, Benchmark reaffirmed a “buy” rating with a target price of $48.00. Meanwhile, Wall Street Zen adjusted its rating from “strong-buy” to “buy” on December 6, 2023. Keefe, Bruyette & Woods lowered their target price from $38.00 to $35.00 while maintaining an “outperform” rating. In a more optimistic view, Canaccord Genuity Group raised its target price from $36.00 to $39.00, supporting a “buy” rating. Zacks Research also upgraded its rating from “hold” to “strong-buy” on January 2, 2024. The consensus rating for Pagaya Technologies currently stands at “Moderate Buy,” with an average price target of $37.25.
Institutional Investment Activity
Recent actions by institutional investors reveal a growing interest in Pagaya Technologies. AQR Capital Management LLC substantially increased its stake by an impressive 2,722.3% in the first quarter, acquiring an additional 294,878 shares. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. also increased its holdings by 11.4%, now owning 62,288 shares after acquiring 6,365 shares during the same period.
Moreover, Millennium Management LLC expanded its position by 320.1%, bringing its total to 1,262,413 shares. Goldman Sachs Group Inc. raised its stake by 26.7%, owning 1,705,245 shares after an additional purchase of 359,099 shares. Lastly, Voya Investment Management LLC increased its position by 24.1%, owning 29,452 shares after acquiring 5,723 shares.
Currently, institutional investors collectively hold 57.14% of Pagaya Technologies’ stock, reflecting their confidence in the company’s future prospects.
Pagaya Technologies, founded in 2016 and headquartered in New York, specializes in financial technology, employing artificial intelligence and machine learning to enhance credit and asset management. The company’s unique platform analyzes extensive datasets from consumer credit portfolios, enabling institutional investors to access alternative credit products while streamlining underwriting and optimizing portfolio construction.
