What is Wedbush's Forecast for PGY FY2024 Earnings?

Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) - Research analysts at Wedbush increased their FY2024 earnings per share estimates for shares of Pagaya Technologies in a report issued on Monday, October 14th. Wedbush analyst D. Chiaverini now forecasts that the company will earn ($0.16) per share for the year, up from their prior forecast of ($0.40). Wedbush currently has a "Neutral" rating and a $13.00 target price on the stock. The consensus estimate for Pagaya Technologies' current full-year earnings is ($0.15) per share. Wedbush also issued estimates for Pagaya Technologies' Q4 2024 earnings at ($0.02) EPS, Q1 2025 earnings at $0.07 EPS, Q2 2025 earnings at $0.13 EPS, Q4 2025 earnings at $0.27 EPS, FY2025 earnings at $0.67 EPS and FY2026 earnings at $0.72 EPS.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.11). Pagaya Technologies had a negative net margin of 14.58% and a negative return on equity of 3.10%. The business had revenue of $250.34 million for the quarter, compared to the consensus estimate of $239.16 million.

A number of other equities analysts also recently weighed in on PGY. Canaccord Genuity Group reduced their price target on Pagaya Technologies from $42.00 to $32.00 and set a "buy" rating for the company in a research report on Monday, September 30th. B. Riley reduced their target price on shares of Pagaya Technologies from $48.00 to $36.00 and set a "buy" rating for the company in a report on Monday, September 30th. Benchmark reaffirmed a "buy" rating and issued a $21.00 target price on shares of Pagaya Technologies in a research report on Wednesday. JMP Securities reissued a "market outperform" rating and set a $25.00 price target on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Finally, Oppenheimer began coverage on shares of Pagaya Technologies in a research note on Tuesday, October 1st. They set an "outperform" rating and a $12.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.89.

Pagaya Technologies Stock Down 3.9 %

Shares of NASDAQ:PGY traded down $0.46 during midday trading on Thursday, reaching $11.35. 919,763 shares of the company were exchanged, compared to its average volume of 1,264,016. The firm has a market cap of $804.72 million, a PE ratio of -8.02 and a beta of 6.36. Pagaya Technologies has a fifty-two week low of $8.56 and a fifty-two week high of $20.50. The stock has a fifty day simple moving average of $12.12 and a two-hundred day simple moving average of $12.07. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.72.

Insider Buying and Selling at Pagaya Technologies

In related news, CFO Evangelos Perros sold 24,171 shares of the firm's stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $13.55, for a total transaction of $327,517.05. Following the transaction, the chief financial officer now directly owns 23,791 shares of the company's stock, valued at approximately $322,368.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Evangelos Perros sold 24,171 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $13.55, for a total transaction of $327,517.05. Following the sale, the chief financial officer now owns 23,791 shares of the company's stock, valued at $322,368.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Avital Pardo sold 11,601 shares of Pagaya Technologies stock in a transaction on Friday, August 9th. The shares were sold at an average price of $15.83, for a total value of $183,643.83. Following the completion of the transaction, the chief technology officer now directly owns 433,125 shares of the company's stock, valued at $6,856,368.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,792 shares of company stock valued at $817,717 in the last ninety days. 19.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in Pagaya Technologies in the first quarter valued at about $12,686,000. Hood River Capital Management LLC bought a new stake in shares of Pagaya Technologies during the 1st quarter valued at approximately $9,265,000. Quadrature Capital Ltd increased its position in Pagaya Technologies by 3,558.5% during the 4th quarter. Quadrature Capital Ltd now owns 784,860 shares of the company's stock worth $1,079,000 after purchasing an additional 763,407 shares in the last quarter. Millennium Management LLC lifted its stake in Pagaya Technologies by 455.9% in the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company's stock valued at $2,789,000 after purchasing an additional 179,235 shares during the last quarter. Finally, Divisadero Street Capital Management LP acquired a new stake in Pagaya Technologies in the second quarter valued at approximately $2,273,000. 57.14% of the stock is owned by institutional investors.

About Pagaya Technologies

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.