Sanjiv Das, President of Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY), recently made significant transactions involving the company's Class A Ordinary Shares. According to a recent SEC filing, Das sold 10,683 shares on October 17, 2024, at a price of $11.77 per share, totaling approximately $125,738. Following this sale, Das holds 64,794 shares directly.
In addition to the sale, Das acquired 22,917 Class A Ordinary Shares on October 16, 2024, without any monetary consideration. This acquisition increased his total direct ownership to 75,477 shares prior to the sale transaction. Furthermore, Das was granted stock options for 700,000 shares, exercisable at $15 per share, which will vest over a period starting from October 16, 2025.
The sale of shares was necessary to meet tax withholding obligations related to the vesting of a compensatory award.
In other recent news, LendingClub (NYSE:LC) Corporation and Pagaya Technologies have announced a joint acquisition of Tally Technologies' intellectual property, a move expected to enhance LendingClub's member engagement platform and expand Pagaya's B2B offerings. Analyst firms have also adjusted their outlooks on Pagaya, with B.Riley reducing its price target from $48 to $36, and Canaccord Genuity decreasing its target from $42 to $32, both maintaining a Buy rating.
Q2 2024 earnings for Pagaya were strong, reporting 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. Pagaya 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 stepped down as the principal accounting officer, with Nam Woo Kim taking over Bower's responsibilities on an interim basis. The company also appointed Rajinder Singh, a veteran in the banking and financial services industry, as its new Chief Risk Officer. These recent developments reflect the ongoing strategic advancements and robust financial health within Pagaya Technologies.
InvestingPro Insights
To provide additional context to Sanjiv Das's recent transactions, let's examine some key financial metrics and insights from InvestingPro for Pagaya Technologies Ltd. (NASDAQ:PGY).
According to InvestingPro data, Pagaya's market capitalization stands at $816.18 million. The company has shown strong revenue growth, with a 27.98% increase in quarterly revenue as of Q2 2024. This growth trajectory aligns with Das's acquisition of additional shares and stock options, suggesting confidence in the company's future performance.
An InvestingPro Tip highlights that Pagaya is trading at a low revenue valuation multiple, which could be seen as an attractive entry point for investors following insider transactions. This valuation metric may have factored into Das's decision to increase his stake in the company.
Another relevant InvestingPro Tip notes that Pagaya's stock price movements are quite volatile. This volatility is evident in the company's recent price performance, with a significant 14.76% return over the last week, contrasting with a -31.46% year-to-date return. Such fluctuations underscore the importance of insider transactions as potential indicators of company outlook.
It's worth noting that InvestingPro offers 5 additional tips for Pagaya Technologies, providing a more comprehensive analysis for investors interested in the company's prospects.
For readers seeking a deeper understanding of Pagaya's financial health and market position, InvestingPro provides a wealth of additional insights and metrics to inform investment decisions.
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