Pagaya Technologies Ltd [NASDAQ: PGY] stock went on a downward path that fall over -25.53% on Thursday, amounting to a one-week price decrease of less than -35.83%. The company report on March 14, 2024 at 6:45 AM that Pagaya Announces Pricing of 7,500,000 Class A Ordinary Shares.
Pagaya Technologies Ltd. (NASDAQ: PGY) (“Pagaya,” the “Company” or “we”), a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, today announced that it has priced an underwritten public offering (the “Offering”) of 7,500,000 Class A ordinary shares, no par value (“Class A Ordinary Shares”) at a public offering price of $12.70. The Company granted the underwriters a 30-day option to purchase up to 1,125,000 additional Class A Ordinary Shares. The gross proceeds to the Company from the Offering are expected to be approximately $95 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for general corporate purposes and to support future growth, which may include working capital expenses and associated investments. The Offering is expected to close on March 18, 2024, subject to market and other conditions.
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Citigroup and Jefferies are active joint book-running managers of the Offering. Keefe, Bruyette & Woods, A Stifel Company is a book-runner of the Offering. B. Riley Securities and The Benchmark Company are acting as co-managers of the Offering.
Over the last 12 months, PGY stock dropped by -14.82%. The one-year Pagaya Technologies Ltd stock forecast points to a potential upside of 71.12. The average equity rating for PGY stock is currently 1.33, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $686.65 million, with 49.39 million shares outstanding and 23.64 million shares in the current float. Compared to the average trading volume of 840.92K shares, PGY stock reached a trading volume of 12287823 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Pagaya Technologies Ltd [PGY]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PGY shares is $40.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PGY stock is a recommendation set at 1.33. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Jefferies have made an estimate for Pagaya Technologies Ltd shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 14, 2023. While these analysts kept the previous recommendation, JMP Securities raised their target price to Mkt Outperform. The new note on the price target was released on August 28, 2023, representing the official price target for Pagaya Technologies Ltd stock. Previously, the target price had yet another raise to $4, while B. Riley Securities analysts kept a Buy rating on PGY stock.
The Average True Range (ATR) for Pagaya Technologies Ltd is set at 1.80, with the Price to Sales ratio for PGY stock in the period of the last 12 months amounting to 0.89. The Price to Book ratio for the last quarter was 1.28, with the Price to Cash per share for the same quarter was set at 3.46.
PGY Stock Performance Analysis:
Pagaya Technologies Ltd [PGY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -35.83. With this latest performance, PGY shares dropped by -13.29% in over the last four-week period, additionally sinking by -49.34% over the last 6 months – not to mention a drop of -14.82% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PGY stock in for the last two-week period is set at 34.22, with the RSI for the last a single of trading hit 28.43, and the three-weeks RSI is set at 38.03 for Pagaya Technologies Ltd [PGY]. The present Moving Average for the last 50 days of trading for this stock 14.96, while it was recorded at 15.11 for the last single week of trading, and 18.30 for the last 200 days.
Insight into Pagaya Technologies Ltd Fundamentals:
Pagaya Technologies Ltd’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.05 and a Current Ratio set at 4.05.
PGY Stock EPS
With the latest financial reports released by the company, Pagaya Technologies Ltd posted -1.08/share EPS, while the average EPS was predicted by analysts to be reported at -0.36/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -200.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PGY.
Pagaya Technologies Ltd [PGY] Institutonal Ownership Details
The top three institutional holders of PGY stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PGY stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PGY stock with ownership which is approximately 5.8325%.
