GIC Pte Ltd. recently announced the acquisition of new stake in Pagaya Technologies Ltd (NASDAQ:PGY). The institutional investor has increased its shareholding in the Technology company by 46.70% to 42.87 million shares with purchase of 13.65 million shares. This fresh investment now brings its stake to 8.01% valued currently at $67.73 million. In addition, JTC Plc /Private Banking/ raised its holdings by 1.63 million to 2.76 million shares.
With over 11.69 million Pagaya Technologies Ltd (PGY) shares trading Tuesday and a closing price of $1.47 on the day, the dollar volume was approximately $17.18 million. The shares have shown a positive half year performance of 78.59% and its price on 11/14/23 gained nearly 19.51%. Currently, there are 508.38M common shares owned by the public and among those 298.61M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for PGY have a consensus price objective of $3.55. The analysts have set the share’s price value over the next 12 months at a high of $6.00 and a low of $2.00. The average price target is 58.59% above its recent price level and an upside to the estimated low will see the stock gain 26.5% over that period. But an upside of 75.5% will see the stock hit the forecast high price target while median target price for the stock is $3.50.
The top 3 mutual fund holders in Pagaya Technologies Ltd are ARK Israel Innovative Technology, Digital Leaders Fund, and Global X FinTech ETF. ARK Israel Innovative Technology owns 0.94 million shares of the company’s stock, all valued at over $1.48 million. Digital Leaders Fund sold -0.25 million shares to see its total holdings shrink to 0.77 million shares valued at over $1.22 million and representing 0.14% of the shares outstanding. Global X FinTech ETF now owns shares totaling to 0.11% of the shares outstanding.
Shares of Pagaya Technologies Ltd (NASDAQ: PGY) opened at $1.30, up $0.07 from a prior closing price of $1.23. The company’s stock has a 5-day price change of 8.89% and -30.99% over the past three months. PGY shares are trading 18.55% year to date (YTD), with the 12-month market performance up to 5.00% higher. It has a 12-month low price of $0.57 and touched a high of $2.83 over the same period. PGY has an average intraday trading volume of 6.22 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 16.18%, -3.63%, and 4.52% respectively.
Institutional ownership of Pagaya Technologies Ltd (NASDAQ: PGY) shares accounts for 16.54% of the company’s 508.38M shares outstanding. Mutual fund holders own 0.71%, while other institutional holders and individual stakeholders account for 20.54% and — respectively.
It has a market capitalization of $1.01B and a beta (3y monthly) value of 7.61. The earnings-per-share (ttm) stands at -$0.21. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.20% over the week and 10.52% over the month.
Analysts forecast that Pagaya Technologies Ltd (PGY) will achieve an EPS of -$0.02 for the current quarter, -$0.01 for the next quarter and -$0.02 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.03 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was -$0.05 a year ago. Earnings per share for the fiscal year are expected to increase by 73.62%, and 89.01% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Pagaya Technologies Ltd (PGY) as a “Strong Buy” at a consensus score of 1.40. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 1 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PGY, a number of firms have released research notes about the stock. JMP Securities stated their Mkt Outperform rating for the stock in a research note on August 28, 2023, with the firm’s price target at $2.75.
