TD Cowen Initiates Coverage on Pagaya Technologies (NASDAQ:PGY)

Research analysts at TD Cowen initiated coverage on shares of Pagaya Technologies (NASDAQ:PGY) in a research note issued to investors on Thursday, Briefing.com reports. The firm set a “buy” rating and a $26.00 price target on the stock. TD Cowen’s price target points to a potential upside of 18.18% from the stock’s previous close.

A number of other equities analysts also recently commented on PGY. Weiss Ratings upgraded Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Zacks Research raised Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Canaccord Genuity Group lifted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Texas Capital upgraded Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Finally, Citizens Jmp boosted their price target on Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Pagaya Technologies has a consensus rating of “Buy” and an average price target of $31.25.

Pagaya Technologies Price Performance

Shares of PGY stock opened at $22.00 on Thursday. The firm has a market cap of $1.84 billion, a P/E ratio of 16.18 and a beta of 5.35. The firm has a fifty day moving average of $19.28 and a two-hundred day moving average of $15.28. The company has a debt-to-equity ratio of 1.12, a current ratio of 11.08 and a quick ratio of 11.08. Pagaya Technologies has a 1-year low of $10.40 and a 1-year high of $44.99.

Insider Buying and Selling

In related news, Director Tami Rosen sold 28,181 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $21.98, for a total value of $619,418.38. Following the sale, the director owned 16,665 shares of the company’s stock, valued at approximately $366,296.70. This trade represents a 62.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gal Krubiner bought 16,230 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was bought at an average price of $15.43 per share, for a total transaction of $250,428.90. Following the completion of the purchase, the chief executive officer directly owned 555,906 shares of the company’s stock, valued at $8,577,629.58. The trade was a 3.01% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 105,420 shares of company stock valued at $1,979,419 over the last quarter. Company insiders own 41.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System increased its stake in shares of Pagaya Technologies by 1,899.0% in the second quarter. California State Teachers Retirement System now owns 3,561,013 shares of the company’s stock valued at $64,988,000 after purchasing an additional 3,382,876 shares during the period. Millennium Management LLC boosted its position in shares of Pagaya Technologies by 75.2% during the fourth quarter. Millennium Management LLC now owns 1,738,760 shares of the company’s stock worth $36,340,000 after buying an additional 746,216 shares during the period. Goldman Sachs Group Inc. increased its position in Pagaya Technologies by 26.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock valued at $17,871,000 after acquiring an additional 359,099 shares during the period. Two Sigma Investments LP increased its position in Pagaya Technologies by 5.2% in the 3rd quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock valued at $43,127,000 after acquiring an additional 71,639 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Pagaya Technologies by 27.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,354,064 shares of the company’s stock valued at $28,300,000 after acquiring an additional 290,379 shares in the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

About Pagaya Technologies

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.