Kim Nam Woo, an officer at Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY), recently sold 133 Class A Ordinary Shares of the company at a price of $10.83 per share, totaling $1,440. This transaction, which took place on October 11, 2024, was disclosed in a recent SEC filing.
The sale was necessary to satisfy tax withholding obligations from the vesting of a compensatory award. Following this transaction, Kim Nam Woo now holds 4,180 shares directly.
Additionally, the filing also noted the acquisition of 326 Class A Ordinary Shares at no cost, which were part of a restricted stock unit vesting plan. These transactions reflect the ongoing management of equity compensation by company executives.
In other recent news, Pagaya Technologies and LendingClub (NYSE:LC) Corporation have jointly acquired the intellectual property of Tally Technologies, a credit card management solution provider. The acquisition is predicted to bolster LendingClub's member engagement platform and expand Pagaya's B2B offerings. Analyst firms B.Riley and Canaccord Genuity have both revised their price targets for Pagaya Technologies, maintaining a Buy rating despite the adjustments.
Pagaya Technologies recently reported strong Q2 2024 earnings, 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 also signed a $1 billion forward flow agreement with Castlelake and achieved a AAA rating on its personal loan ABS program.
In terms of executive transitions, Scott Bower has stepped down as the principal accounting officer, with Nam Woo Kim assuming the role on an interim basis. Rajinder Singh, a veteran in the banking and financial services industry, has been appointed as the new Chief Risk Officer. These recent developments highlight the ongoing strategic advancements and robust financial health of Pagaya Technologies.
InvestingPro Insights
Pagaya Technologies Ltd. (NASDAQ:PGY) has been experiencing significant volatility in its stock price, as indicated by one of the InvestingPro Tips. This volatility is evident in the company's recent price movements, with a 9.67% return over the last week, contrasting with a -11.47% return over the past month.
The company's financial health presents a mixed picture. While Pagaya is not currently profitable, with a negative P/E ratio of -5.9 for the last twelve months as of Q2 2024, analysts predict the company will turn profitable this year. This potential turnaround is supported by strong revenue growth, with the company reporting a 27.98% increase in quarterly revenue in Q2 2024.
Pagaya's market capitalization stands at $779.55 million, and it's trading at a price-to-book ratio of 1.48. The company does not pay a dividend, which is common for growth-oriented tech firms focusing on reinvestment and expansion.
For investors seeking a deeper understanding of Pagaya's financial position and future prospects, InvestingPro offers additional insights. The platform provides 6 more tips for PGY, which could be valuable for those considering the stock in light of recent insider transactions and market performance.
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