Zweig DiMenna Associates LLC Makes New $5.53 Million Investment in Pagaya Technologies Ltd. $PGY

by · The Markets Daily

Zweig DiMenna Associates LLC purchased a new stake in Pagaya Technologies Ltd. (NASDAQ:PGY – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 186,075 shares of the company’s stock, valued at approximately $5,525,000. Zweig DiMenna Associates LLC owned 0.24% of Pagaya Technologies at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in Pagaya Technologies by 26.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock worth $17,871,000 after purchasing an additional 359,099 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Pagaya Technologies by 436.9% during the second quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company’s stock worth $29,534,000 after buying an additional 1,127,242 shares during the period. Millennium Management LLC raised its stake in Pagaya Technologies by 320.1% during the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock worth $13,230,000 after buying an additional 961,944 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Pagaya Technologies by 1,231.6% in the second quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company’s stock valued at $25,591,000 after buying an additional 1,110,208 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its position in Pagaya Technologies by 40.2% during the second quarter. Cubist Systematic Strategies LLC now owns 731,454 shares of the company’s stock valued at $15,595,000 after acquiring an additional 209,733 shares during the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, CFO Evangelos Perros sold 9,750 shares of Pagaya Technologies stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $22.99, for a total transaction of $224,152.50. Following the completion of the transaction, the chief financial officer owned 100,212 shares in the company, valued at approximately $2,303,873.88. The trade was a 8.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tami Rosen sold 7,561 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $30.73, for a total value of $232,349.53. Following the completion of the transaction, the insider owned 37,544 shares in the company, valued at $1,153,727.12. This represents a 16.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 21,256 shares of company stock valued at $547,198 over the last three months. Corporate insiders own 47.59% of the company’s stock.

Pagaya Technologies Price Performance

Shares of NASDAQ:PGY opened at $12.43 on Tuesday. Pagaya Technologies Ltd. has a twelve month low of $8.50 and a twelve month high of $44.99. The stock’s 50 day moving average is $21.00 and its 200-day moving average is $27.13. The company has a quick ratio of 11.41, a current ratio of 11.41 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $999.37 million, a price-to-earnings ratio of 13.97 and a beta of 5.85.

Pagaya Technologies (NASDAQ:PGY – Get Free Report) last announced its quarterly earnings results on Monday, February 9th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.05. Pagaya Technologies had a net margin of 6.25% and a return on equity of 45.94%. The business had revenue of $334.81 million during the quarter, compared to analyst estimates of $348.75 million. During the same quarter in the previous year, the business posted $0.17 EPS. Pagaya Technologies’s quarterly revenue was up 19.8% on a year-over-year basis. Sell-side analysts forecast that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PGY has been the subject of several research analyst reports. Keefe, Bruyette & Woods lowered their price objective on Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, January 2nd. Wall Street Zen downgraded Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Canaccord Genuity Group cut their price target on Pagaya Technologies from $39.00 to $32.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Benchmark lowered their price objective on shares of Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Pagaya Technologies in a research note on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Pagaya Technologies has an average rating of “Moderate Buy” and an average price target of $33.11.

Check Out Our Latest Stock Report on PGY

About Pagaya Technologies

(Free Report)

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.

Further Reading

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