In a recent transaction filed with the Securities and Exchange Commission, Rosen Tami, the Chief Development Officer of Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY), sold 21,547 Class A Ordinary Shares. The company, currently valued at approximately $768 million, has seen its stock surge nearly 8% over the past week, though InvestingPro data indicates the stock typically trades with high volatility. The shares were sold on January 2, 2025, at a price of $9.97 per share, totaling $214,823. This sale was necessary to satisfy tax withholding obligations resulting from the quarterly vesting of a compensatory award.
Additionally, on January 1, 2025, Tami acquired 56,916 Class A Ordinary Shares at no cost, following the vesting of restricted stock units (RSUs). After these transactions, Tami holds 73,550 shares directly.
In other recent news, Pagaya Technologies reported strong financial results, with an annual revenue rate nearing $1 billion and an adjusted EBITDA of $220 million. The company's strategic plans aim to reach GAAP profitability by 2025, with significant growth in loans, customer acquisition, and partner relationships. UBS resumed coverage on Pagaya Technologies, issuing a Neutral rating and expressing caution due to uncertainties surrounding the level of credit losses from risk retention assets.
Shareholders approved significant changes to the company's corporate structure, including the phased declassification of the board of directors, amendments related to executive officer employment, and an adjustment to the ownership threshold. Cory Vieira has been appointed as Chief Accounting Officer, bringing extensive experience from BHG Financial, American Express (NYSE:AXP), and GE Capital. These recent developments highlight Pagaya's robust financial performance and strategic growth initiatives as the company continues to expand its operations and partnerships.
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