In recent transactions involving Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY), Chief Development Officer Tami Rosen sold shares worth a total of $304,079. On October 31, Rosen sold 17,570 Class A Ordinary Shares at an average price of $12.0611, totaling approximately $211,913. This sale was executed under a 10b5-1 plan. Additionally, on November 1, Rosen sold 7,966 shares at $11.57 each, amounting to $92,166. The transactions were reported in a Form 4 filing with the Securities and Exchange Commission. Following these sales, Rosen holds 73,516 shares directly.
In other recent news, LendingClub (NYSE:LC) Corporation and Pagaya Technologies have partnered to acquire Tally Technologies' intellectual property, a move aimed at enhancing their respective financial solutions. Pagaya Technologies has also been the subject of analyst revisions, with B.Riley and Canaccord Genuity both reducing their price targets for the company, while maintaining a Buy rating.
In terms of financial performance, Pagaya 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 raised its full-year outlook.
In addition, Pagaya signed a $1 billion forward flow agreement with Castlelake and achieved a AAA rating on its personal loan ABS program. Executive transitions have also occurred within Pagaya, with Scott Bower stepping down as the principal accounting officer, and Nam Woo Kim assuming his responsibilities on an interim basis. Rajinder Singh, a veteran in the banking and financial services industry, was appointed as the new Chief Risk Officer. These are among the recent developments at Pagaya Technologies.
InvestingPro Insights
Pagaya Technologies Ltd. (NASDAQ:PGY) has been experiencing some volatility in its stock price, as evidenced by recent insider transactions and market performance. According to InvestingPro data, the company's stock has taken a significant hit over the last week, with a 7.59% decline in price total return. This recent downturn aligns with the timing of Chief Development Officer Tami Rosen's share sales.
Despite the short-term price pressure, Pagaya's financials show some positive trends. The company's revenue growth stands at 18.78% for the last twelve months as of Q2 2023, with an even stronger quarterly revenue growth of 27.98% in Q2 2023. This growth trajectory is complemented by a robust gross profit margin of 40.16%.
InvestingPro Tips highlight that Pagaya is currently trading at a low revenue valuation multiple, which could be of interest to value-focused investors. Additionally, analysts predict that the company will be profitable this year, potentially signaling a turnaround from its current unprofitable status over the last twelve months.
It's worth noting that InvestingPro offers 7 additional tips for Pagaya Technologies, providing investors with a more comprehensive analysis of the company's prospects and challenges.
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