In a recent transaction reported to the Securities and Exchange Commission, Tami Rosen, the Chief Development Officer of Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY), sold a total of 7,659 Class A ordinary shares. The shares were sold at an average price of $12.00 each, culminating in a total transaction value of $91,908.
Following this transaction, Rosen retains ownership of 65,857 shares in the company. The sale was conducted as part of a pre-arranged 10b5-1 trading plan, which allows insiders to set up a schedule for selling stocks they own.
Pagaya Technologies, a company based in Tel Aviv, operates within the finance services sector and continues to be a point of interest for investors monitoring insider activities.
In other recent news, Pagaya Technologies secured $1 billion in new asset-backed deals, marking a significant milestone in the company's growth. The deals, named PAID 2024-10 and RPM 2024-3, attracted 28 unique investors, demonstrating the strong demand for Pagaya's AI-enabled consumer credit assets. In addition, Pagaya and LendingClub (NYSE:LC) Corporation have partnered to acquire the intellectual property of Tally Technologies, a move expected to enhance LendingClub's member engagement platform and expand Pagaya's B2B offerings.
In terms of earnings, Pagaya reported strong Q2 2024 results, with a network volume of $2.3 billion and a record $50 million in adjusted EBITDA. Despite a net loss of $75 million due to share-based compensation and fair value adjustments, the company raised its full-year outlook. Analyst firms B.Riley and Canaccord Genuity adjusted their price targets for Pagaya, citing reasons such as expected decrease in cost of capital and funding, and a delay in the HARMONY study, respectively.
In executive transitions, Scott Bower stepped down as the principal accounting officer, with Nam Woo Kim assuming Bower's responsibilities on an interim basis. Pagaya also welcomed Rajinder Singh, a banking and financial services industry veteran, as its new Chief Risk Officer. These are the recent developments within Pagaya Technologies.
InvestingPro Insights
Pagaya Technologies Ltd. (NASDAQ:PGY) has been experiencing significant market volatility, as highlighted by one of the InvestingPro Tips. This volatility is reflected in the company's recent stock performance, with a strong 20.94% return over the past month, despite a year-to-date decline of 25.72%.
The company's financial health presents a mixed picture. While Pagaya is not currently profitable over the last twelve months, analysts predict it will turn a profit this year. This optimism is supported by the company's robust revenue growth, with a 27.98% increase in the most recent quarter.
Pagaya's market capitalization stands at $949.47 million, with a price-to-book ratio of 1.82. The company does not pay a dividend, which is not uncommon for growth-oriented firms in the finance services sector.
Investors should note that two analysts have revised their earnings expectations downwards for the upcoming period, which could impact the stock's near-term performance. For a more comprehensive analysis, InvestingPro offers additional tips and insights that could be valuable for investors considering Pagaya Technologies.
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