The Chief Financial Officer of Pagaya Technologies Ltd. (NASDAQ: PGY), Evangelos Perros, sold 9,750 shares of the company’s stock on January 5, 2024, in a transaction valued at $224,152.50. The shares were sold at an average price of $22.99, resulting in an 8.87% reduction in Perros’ ownership. Following this sale, he retains 100,212 shares, approximately worth $2,303,873.88.
This transaction was officially reported in a filing with the U.S. Securities and Exchange Commission, which is publicly accessible. Following the news, Pagaya Technologies’ stock saw an increase of 3.1% and opened at $24.27 on Thursday. The stock has experienced significant volatility, with a one-year low of $8.27 and a high of $44.99.
Market Performance and Analyst Ratings
Pagaya Technologies currently holds a market capitalization of $1.95 billion. Key financial ratios indicate a current ratio of 11.41, a quick ratio also at 11.41, and a debt-to-equity ratio of 1.16. The company’s price-to-earnings (P/E) ratio stands at -9.09, while its beta is reported at 5.86.
Recent analyst activity highlights varying perspectives on the stock’s future. Benchmark has reaffirmed a “buy” rating, setting a target price of $48.00. Conversely, Wall Street Zen downgraded the stock from a “strong-buy” to a “buy” rating. Keefe, Bruyette & Woods adjusted their target price downwards from $38.00 to $35.00, maintaining an “outperform” rating. Canaccord Genuity Group raised their price target from $36.00 to $39.00 and issued a “buy” rating. According to MarketBeat, analysts have given Pagaya Technologies a consensus rating of “Moderate Buy” with an average price target of $37.25.
Institutional Investor Activity
Changes in institutional investment have also been noteworthy. AQR Capital Management LLC increased its stake in Pagaya Technologies by an astonishing 2,722.3% in the first quarter, acquiring 305,710 shares valued at $3,204,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings by 11.4%, now owning 62,288 shares worth $653,000.
In another significant move, Millennium Management LLC expanded its position by 320.1%, resulting in ownership of 1,262,413 shares valued at $13,230,000. Additionally, Goldman Sachs Group Inc. raised its stake by 26.7%, now holding 1,705,245 shares worth $17,871,000. Overall, institutional investors currently own 57.14% of Pagaya Technologies’ stock.
Pagaya Technologies, founded in 2016 and headquartered in New York, specializes in financial technology, specifically leveraging artificial intelligence and machine learning within the credit and asset management sectors. Their proprietary platform analyzes extensive datasets from consumer credit portfolios, creating predictive risk models that assist institutional investors in accessing alternative credit products.
The developments surrounding Pagaya Technologies highlight significant movements in both executive decisions and institutional investment, reflecting a dynamic landscape for this innovative company.
