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 7.63% valued currently at $54.44 million. In addition, Millennium Management LLC raised its holdings by 5.8 million to 5.98 million shares. And JTC Plc /Private Banking/ has lifted its position by 143.83% or 1.63 million shares – to 2.76 million shares.
With over 10.19 million Pagaya Technologies Ltd (PGY) shares trading Friday and a closing price of $1.49 on the day, the dollar volume was approximately $15.18 million. The shares have shown a positive half year performance of 20.16% and its price on 12/22/23 lost nearly -3.87%. Currently, there are 508.38M common shares owned by the public and among those 322.75M shares have been available to trade.
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The top 3 mutual fund holders in Pagaya Technologies Ltd are Hanwha ARIRANG Global Artificial, ARK Israel Innovative Technology, and iShares Tr. – Core MSCI EAFE ETF. Hanwha ARIRANG Global Artificial owns 1.79 million shares of the company’s stock, all valued at over $2.27 million. The company bought an additional 1.79 million shares recently to bring their total holdings to about 0.32% of the shares outstanding. iShares Tr. – Core MSCI EAFE ETF bought 0.18 million shares to bring its total holdings to over 0.97 million shares at a value of $1.23 million. iShares Tr. – Core MSCI EAFE ETF now owns shares totaling to 0.17% of the shares outstanding.
Shares of Pagaya Technologies Ltd (NASDAQ: PGY) opened at $1.56, up $0.01 from a prior closing price of $1.55. However, the script later moved the day high at 1.6000, down -3.87%. The company’s stock has a 5-day price change of -5.70% and -6.88% over the past three months. PGY shares are trading 20.16% year to date (YTD), with the 12-month market performance up to 100.11% higher. It has a 12-month low price of $0.72 and touched a high of $2.83 over the same period. PGY has an average intraday trading volume of 7.04 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 7.46%, 11.72%, and 3.55% respectively.
Institutional ownership of Pagaya Technologies Ltd (NASDAQ: PGY) shares accounts for 16.19% of the company’s 508.38M shares outstanding. Mutual fund holders own 1.49%, while other institutional holders and individual stakeholders account for 19.07% and — respectively.
It has a market capitalization of $1.06B and a beta (3y monthly) value of 7.07. 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 7.79% over the week and 8.80% over the month.
Analysts forecast that Pagaya Technologies Ltd (PGY) will achieve an EPS of -$0.01 for the current quarter, -$0.01 for the next quarter and -$0.03 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.02 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 73.91%, and 85.19% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Pagaya Technologies Ltd (PGY) as a “Strong Buy” at a consensus score of 1.33. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 1 of the 6 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. Jefferies stated their Buy rating for the stock in a research note on December 14, 2023, with the firm’s price target at $2.50.
