Benchmark Co. analyst Mark Palmer reiterated a Buy rating on Pagaya Technologies Ltd today and set a price target of $42.00.
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Mark Palmer’s rating is based on the strong performance and promising outlook of Pagaya Technologies Ltd. The company’s recent preannouncement of better-than-expected second-quarter results has reinforced investor confidence in its ability to sustain profitable growth. This announcement has alleviated concerns about past issues such as large credit losses and shareholder dilution.
Additionally, management’s expectation of higher network volume, total revenue, and GAAP net income than previously guided has further bolstered the positive sentiment. The company’s strategic positioning to optimize its balance sheet and reduce capital costs, without the need for equity issuance, adds to its appeal. Palmer has also raised the price target for PGY, reflecting the company’s growth potential across various loan verticals and its efficient use of AI in credit underwriting.
In another report released today, KBW also maintained a Buy rating on the stock with a $27.00 price target.
Based on the recent corporate insider activity of 76 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PGY in relation to earlier this year.