Allspring Global Investments Holdings LLC Sells 233,220 Shares of Pagaya Technologies Ltd. (NASDAQ:PGY)

Allspring Global Investments Holdings LLC decreased its position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 31.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 511,125 shares of the company's stock after selling 233,220 shares during the period. Allspring Global Investments Holdings LLC owned about 0.69% of Pagaya Technologies worth $4,922,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. R Squared Ltd acquired a new position in Pagaya Technologies during the 4th quarter worth about $30,000. Nisa Investment Advisors LLC acquired a new stake in Pagaya Technologies in the 4th quarter valued at about $57,000. BNP Paribas Financial Markets raised its position in Pagaya Technologies by 48.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company's stock valued at $103,000 after purchasing an additional 3,181 shares in the last quarter. Entropy Technologies LP acquired a new stake in Pagaya Technologies in the 4th quarter valued at about $114,000. Finally, The Manufacturers Life Insurance Company raised its position in Pagaya Technologies by 13.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company's stock valued at $176,000 after purchasing an additional 1,937 shares in the last quarter. Institutional investors and hedge funds own 57.14% of the company's stock.

Insider Activity

In other Pagaya Technologies news, insider Tami Rosen sold 35,369 shares of the company's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $15.00, for a total value of $530,535.00. Following the completion of the sale, the insider now directly owns 38,181 shares in the company, valued at $572,715. This represents a 48.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Evangelos Perros sold 21,305 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $212,410.85. Following the completion of the sale, the chief financial officer now owns 54,029 shares of the company's stock, valued at $538,669.13. This trade represents a 28.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,692 shares of company stock valued at $1,205,379. 49.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PGY shares. JMP Securities increased their price target on Pagaya Technologies from $25.00 to $26.00 and gave the company a "market outperform" rating in a research report on Friday, February 14th. Citigroup raised Pagaya Technologies from a "neutral" rating to a "buy" rating and increased their price target for the company from $13.00 to $14.50 in a research report on Friday, February 7th. UBS Group began coverage on Pagaya Technologies in a report on Friday, December 20th. They issued a "neutral" rating and a $11.00 price objective on the stock. Finally, Canaccord Genuity Group restated a "buy" rating and set a $25.00 price target on shares of Pagaya Technologies in a research note on Thursday, February 13th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.17.

Pagaya Technologies Stock Down 9.7 %

Shares of PGY traded down $1.56 during midday trading on Friday, reaching $14.50. 3,532,108 shares of the company were exchanged, compared to its average volume of 3,922,804. The stock has a 50-day moving average price of $10.39 and a 200-day moving average price of $11.19. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -2.64 and a beta of 6.09. Pagaya Technologies Ltd. has a 1-year low of $8.20 and a 1-year high of $20.00. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.32). Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. The business had revenue of $279.39 million during the quarter, compared to analyst estimates of $264.28 million. During the same quarter last year, the firm posted $0.24 EPS. Research analysts expect that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current year.

Pagaya Technologies 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.