Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY) reported that its Chief Development Officer, Tami Rosen, sold a total of $172,255 worth of company shares, according to the latest SEC filings. The transactions, which were carried out in two separate tranches, come as a part of Rosen's pre-planned financial activities related to vested compensatory awards.
On April 30, 2024, Rosen sold 5,655 shares at a price of $9.60 each. Subsequently, on July 31, the executive sold another 8,025 shares, this time at a higher price point of $14.70 per share. These sales were reportedly necessary to satisfy tax withholding obligations arising from the vesting of Rosen's compensatory awards.
In addition to these sales, the filings also indicated that Rosen acquired shares in the company on the same dates. However, the acquisition transactions, coded as "M" in the filings, involved no monetary exchange, indicating these were likely the result of vested restricted stock units (RSUs).
It is important to note that the transactions reported are being disclosed late due to an administrative oversight, not due to any fault of the reporting person. The late filing was clarified in the remarks section of the document, attributing the delay to an inadvertent administrative error.
Investors and followers of Pagaya Technologies can continue to monitor such filings to stay informed about the stock trading activities of the company's insiders.
In other recent news, fintech firm Pagaya Technologies Inc. has surpassed its Q2 2024 earnings expectations and raised its full-year outlook. The company's robust financial performance was driven by strong growth in fee revenue less production costs (FRLPC) and the achievement of positive operating cash flow for the fourth consecutive quarter. Pagaya's annual run rate now stands at approximately $1 billion in revenues, with FRLPC at $400 million and adjusted EBITDA at $200 million. Despite reporting a net loss of $75 million, attributed to share-based compensation and fair value adjustments, the company achieved record levels in total revenue, FRLPC, and adjusted EBITDA in Q2. Strategic alliances, such as the $1 billion forward flow agreement with Castlelake and receiving a AAA rating on its personal loan ABS program, have positioned the company for potential cash flow positivity and GAAP net income profitability by next year. These recent developments underscore Pagaya's strategic advancements and robust financial health.
InvestingPro Insights
Pagaya Technologies Ltd. (NASDAQ:PGY) has recently been under the spotlight with insider trading activities and the market is closely monitoring the company's financial health. InvestingPro data reveals that Pagaya has a market capitalization of approximately $918.52 million. Despite the insider transactions, the company's stock price has experienced significant volatility, as indicated by a 6-month price total return of -29.39% and a 1-month price total return of -16.05%.
According to InvestingPro Tips, analysts have recently revised their earnings expectations upwards for the upcoming period, which may indicate a potential turnaround in the company's performance. However, it is important to note that Pagaya has not been profitable over the last twelve months, with a negative P/E ratio of -6.21. The company also does not pay a dividend, which could influence the investment strategies of income-seeking shareholders.
Despite these challenges, the company has shown a revenue growth of 18.78% over the last twelve months as of Q2 2024, signaling a positive trend in its business operations. Investors considering Pagaya Technologies as a potential investment may find these insights valuable, especially when combined with the additional 7 InvestingPro Tips available at https://www.investing.com/pro/PGY.
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