TEL-AVIV—Yulzari Yahav, the Chief Business Officer of Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY), has sold 150,000 Class A Ordinary Shares in a transaction valued at approximately $2.32 million. The shares were sold at a weighted average price of $15.4986 per share, with prices ranging from $15.00 to $16.0450. This transaction was conducted under a prearranged 10b5-1 trading plan. Following the sale, Yahav retains direct ownership of 161,637 shares in the company.
In other recent news, Pagaya Technologies closed two asset-backed securitization transactions totaling $1 billion, attracting interest from 28 unique investors. This boosted the company's total raised funds to over $25.2 billion through 62 ABS deals since 2018. Pagaya Technologies also partnered with LendingClub (NYSE:LC) Corporation to acquire the intellectual property of Tally Technologies, intending to expand its B2B offerings.
The company 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. Analyst firms B.Riley and Canaccord Genuity have both reduced their price targets for Pagaya, maintaining a Buy rating.
In executive transitions, Scott Bower stepped down as the principal accounting officer, with Nam Woo Kim assuming Bower's responsibilities on an interim basis. The company also appointed Rajinder Singh, a banking and financial services industry veteran, as its new Chief Risk Officer. These are some of the recent developments within Pagaya Technologies.
InvestingPro Insights
The recent sale by Pagaya Technologies Ltd.'s (NASDAQ:PGY) Chief Business Officer comes amid a period of significant stock price volatility and strong recent performance. According to InvestingPro data, PGY has seen a remarkable 52.99% return over the past week and a 56.68% return over the last month. This aligns with an InvestingPro Tip indicating that the stock has shown "significant return over the last week."
Despite these gains, investors should note that PGY's RSI suggests the stock is in overbought territory, another key InvestingPro Tip. This could potentially explain the timing of the insider sale, as executives may seek to capitalize on periods of high valuation.
From a financial perspective, Pagaya Technologies has demonstrated strong revenue growth, with a 27.98% increase in quarterly revenue as of Q2 2024. However, the company is not currently profitable, with a negative P/E ratio of -9.35 for the last twelve months. An InvestingPro Tip suggests that analysts predict the company will become profitable this year, which could be a positive sign for investors looking beyond current financials.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for PGY, providing a deeper understanding of the company's financial health and market position.
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