The most recent trading session ended with Pagaya Technologies Ltd. (PGY) standing at $11.68, reflecting a +1.39% shift from the previouse trading day's closing. This change outpaced the S&P 500's 0.41% gain on the day. Meanwhile, the Dow gained 0.69%, and the Nasdaq, a tech-heavy index, added 0.8%.Shares of the company witnessed a gain of 13.05% over the previous month, beating the performance of the Finance sector with its gain of 0.16% and the S&P 500's loss of 0.97%.The upcoming earnings release of Paga ...

This disruptive tech stock is making waves in the financial industry.Wall Street analysts' target prices are modeled based on many factors, and each one comes up with something different. Target prices can range from a large loss to a large gain, so it doesn't make sense to base your investment decisions based on one Wall Street analyst. No matter how much information they might have right now, no one can accurately predict what will happen in the markets.That said, there are several things to gain from pay ...

Pagaya Technologies Ltd. (PGY) closed the last trading session at $11.58, gaining 20% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $22.89 indicates a 97.7% upside potential. The average comprises nine short-term price targets ranging from a low of $12 to a high of $36, with a standard deviation of $8.72. While the lowest estimate indicates an increase of 3.6% from the current pr ...

Pagaya Technologies Ltd. (PGY) shares soared 6.1% in the last trading session to close at $10.57. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 33.9% loss over the past four weeks. The upside can be attributed to Pagaya Technologies' core strength in its proprietary AI-powered technology, enabling efficient credit evaluation and decision-making for partners in originating loans and financial products. The company has processed ...

If you'd like to learn more about how to best position yourself in under valued stocks mispriced by the market to end Q3, consider joining Out Fox The Street . Mark leads the investing group Out Fox The Street where he shares stock picks and deep research to help readers uncover potential multibaggers while managing portfolio risk via diversification. Features include various model portfolios, stock picks with identifiable catalysts, daily updates, real-time alerts, and access to community chat and direct c ...

In the latest market close, Pagaya Technologies Ltd. (PGY) reached $12.33, with a -1.75% movement compared to the previous day. This change lagged the S&P 500's 0.19% loss on the day. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq depreciated by 0.36%. The company's shares have seen an increase of 1.95% over the last month, not keeping up with the Business Services sector's gain of 6.7% and the S&P 500's gain of 2.06%. The investment community will be closely monitoring the performa ...

Pekic Pagaya - It's valuation has nothing to do with its performance or its outlook It has been a bit over a year since I wrote about Pagaya Technologies Ltd. (NASDAQ:PGY) in an article published on SA. Since that time the shares appreciated initially, then fell relentlessly and finally have come back to a level just a bit less than they were when the article was initially published. Unless you are a devotee of roller-coaster rides-and I am not-that is not the performance that is desirable to see for anyone ...

AnsonLu/iStock via Getty Images Pagaya (NASDAQ:PGY) has just released its second quarter results, which were mixed, with some results above expectations and others below. In addition, two important announcements will have a very positive impact on the company's future: 1) The signing of a forward flow agreement (FFA) for up to $1 billion and a one-year term (extendable to more years) with Castlelake. 2) The partnership with a top 5 US bank. As we have commented, the results have been mixed, with some very g ...

Financial Performance - Total assets increased to $1,452,977 thousand as of June 30, 2024, compared to $1,208,376 thousand as of December 31, 2023[9] - Revenue from fees for the six months ended June 30, 2024, was $479,598 thousand, up from $360,939 thousand in the same period in 2023[10] - Net loss attributable to Pagaya Technologies Ltd. for the six months ended June 30, 2024, was $96,008 thousand, compared to $92,268 thousand in the same period in 2023[10] - Operating income for the six months ended June 30, 2024, was $12,717 thousand, compared to an operating loss of $35,214 thousand in the same period in 2023[10] - Comprehensive loss attributable to Pagaya Technologies Ltd. for the six months ended June 30, 2024, was $167,502 thousand, compared to $89,592 thousand in the same period in 2023[12] - Total revenue and other income for the six months ended June 30, 2024, was $495,620 thousand, up from $382,250 thousand in the same period in 2023[10] - Net loss for the period ending June 30, 2024, was $82.679 million, compared to a net loss of $114.341 million in the previous period[14] - Net loss including noncontrolling interests decreased to $114.3 million in H1 2024 from $130.8 million in H1 2023, reflecting a 12.6% improvement[16] - Net cash provided by operating activities improved significantly to $36.0 million in H1 2024 from a net cash used of $25.5 million in H1 2023[16] - Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders for the three months ended June 30, 2024, was $61.6 million for Class A shares and $13.2 million for Class B shares[107] - Net loss per share attributable to ordinary shareholders for the six months ended June 30, 2024, was $1.41 for both Class A and Class B shares[107] - Net loss attributable to Pagaya Technologies Ltd. was $74.8 million for the three months ended June 30, 2024, compared to $31.3 million in the same period in 2023[150] - Non-GAAP adjusted net income improved to $7.2 million for the three months ended June 30, 2024, compared to $0.9 million in the same period in 2023[150] - Net Loss Attributable to Pagaya Technologies Ltd. for the three months ended June 30, 2024 was $(74,785), compared to $(31,297) in the same period in 2023[188] Revenue and Fees - Revenue from fees for the six months ended June 30, 2024, was $479,598 thousand, up from $360,939 thousand in the same period in 2023[10] - Total revenue and other income for the six months ended June 30, 2024, was $495,620 thousand, up from $382,250 thousand in the same period in 2023[10] - Network AI fees grew 36.0% to $437.1 million in H1 2024 from $321.5 million in H1 2023[30] - Contract fees increased 7.9% to $42.5 million in H1 2024 compared to $39.4 million in H1 2023[33] - Total revenue from fees for the three months ended June 30, 2024 was $242.6 million, a 30.6% increase from $185.7 million in the same period in 2023[37] - For the six months ended June 30, 2024, total revenue from fees was $479.6 million, up 32.9% from $360.9 million in the prior year period[37] - Revenue from related parties for the six months ended June 30, 2024, reached $353.8 million, compared to $302.0 million in the same period in 2023[73] - Revenue from fees increased by $56.9 million, or 31%, to $242.6 million, primarily due to a $54.3 million increase in Network AI fees, with Network Volume growing by 19.1% to $2.3 billion[154] - Total revenue and other income increased by $113.4 million (30%) to $495.6 million for the six months ended June 30, 2024, driven by a $118.7 million (33%) increase in revenue from fees[167] - Network AI fees increased by $115.6 million to $437.1 million for the six months ended June 30, 2024, driven by improved economics in AI integration fees and a 25% increase in Network Volume to $4.8 billion[168] - Revenue from fees for the three months ended June 30, 2024 was $242,594, a 31% increase from $185,685 in the same period in 2023[187] Assets and Liabilities - Total assets increased to $1,452,977 thousand as of June 30, 2024, compared to $1,208,376 thousand as of December 31, 2023[9] - Total current liabilities increased to $241,254 thousand as of June 30, 2024, from $74,925 thousand as of December 31, 2023[9] - Cash and cash equivalents increased to $233,593 thousand as of June 30, 2024, from $186,478 thousand as of December 31, 2023[9] - Total non-current assets increased to $1,091,780 thousand as of June 30, 2024, from $904,974 thousand as of December 31, 2023[9] - Total shareholders' equity as of June 30, 2024, was $615.574 million, down from $665.749 million at December 31, 2023[14] - Accumulated deficit as of June 30, 2024, was $638.645 million, up from $542.637 million at December 31, 2023[14] - Non-controlling interests as of June 30, 2024, were $89.592 million, down from $106.028 million at December 31, 2023[14] - Total shareholders' equity as of June 30, 2023, was $703.123 million, down from $765.423 million at December 31, 2022[15] - Accumulated deficit as of June 30, 2023, was $506.467 million, up from $414.199 million at December 31, 2022[15] - Non-controlling interests as of June 30, 2023, were $179.940 million, down from $211.903 million at December 31, 2022[15] - Cash, cash equivalents and restricted cash decreased by 19.2% to $267.9 million as of June 30, 2024 from $331.4 million as of June 30, 2023[17] - Secured borrowings increased to $400.2 million as of June 30, 2024, up from $271.7 million at December 31, 2023[40] - The outstanding principal balance under repurchase agreements was $367.7 million as of June 30, 2024, compared to $251.4 million at December 31, 2023[41] - Long-term debt outstanding was $232.6 million as of June 30, 2024, with aggregate future maturities totaling $248.6 million[45][46] - The fair value of investments in loans and securities was $911.4 million as of June 30, 2024, up from $716.8 million at December 31, 2023[49][50] - Investments in loans and securities, available for sale, totaled $1,150.8 million in amortized cost and $911.4 million in fair value as of June 30, 2024[53] - The balance of allowance for credit losses was $(178.1) million as of June 30, 2024, compared to $(100.9) million at the beginning of the period[58] - Equity method and other investments totaled $26.6 million as of June 30, 2024, up slightly from $26.4 million as of December 31, 2023[61] - Consolidated VIEs had net assets of $111.2 million as of June 30, 2024, down from $132.7 million as of December 31, 2023[63] - The company's direct interest in unconsolidated VIEs was $807.0 million in carrying amount and maximum exposure to loss as of June 30, 2024, up from $591.0 million as of December 31, 2023[65] - Total fee receivables from related parties increased to $88.5 million as of June 30, 2024, up from $84.8 million at the end of 2023[71] - Investments in loans and securities (Level 3) increased to $853.418 million as of June 30, 2024, up from $626.368 million at the end of 2023[82] - Cash, cash equivalents, and restricted cash increased from $222.5 million as of December 31, 2023, to $267.9 million as of June 30, 2024[86][87] - Total assets grew from $336.2 million as of December 31, 2023, to $394.4 million as of June 30, 2024[86][87] - Cash, cash equivalents and restricted cash as of June 30, 2024 was $267.9 million, a 20% increase from $222.5 million as of December 31, 2023[189] Investments and Loans - Investments in loans and securities increased by 49.5% to $408.5 million in H1 2024 compared to $273.3 million in H1 2023[16] - The fair value of investments in loans and securities was $911.4 million as of June 30, 2024, up from $716.8 million at December 31, 2023[49][50] - Gross unrealized losses on investments in loans and securities totaled $12.6 million as of June 30, 2024, compared to $3.8 million at December 31, 2023[52] - Investments in loans and securities, available for sale, totaled $1,150.8 million in amortized cost and $911.4 million in fair value as of June 30, 2024[53] - Proceeds from sales/maturities/prepayments of investments in loans and securities were $66.8 million for the six months ended June 30, 2024, down from $91.4 million in the same period of 2023[57] - Additions to allowance for credit losses were $(79.9) million for the six months ended June 30, 2024, compared to $(85.6) million in the same period of 2023[57] - The company purchased $19.5 million of loan principal from Financing Vehicles in the six months ended June 30, 2024, recognizing an $18.4 million loss[65] - Investments in loans and securities (Level 3) increased to $853.418 million as of June 30, 2024, up from $626.368 million at the end of 2023[82] - The weighted average discount rate for Level 3 fair value measurements increased to 15.4% as of June 30, 2024, from 15.0% at the end of 2023[84][85] - The company purchased $19.5 million of loan principal from Financing Vehicles in the first six months of 2024, resulting in a loss of $18.4 million[74] Cash Flow and Financing - Net cash provided by operating activities improved significantly to $36.0 million in H1 2024 from a net cash used of $25.5 million in H1 2023[16] - The company raised $244.7 million from long-term debt and $89.9 million from ordinary shares sale in H1 2024[16] - Cash, cash equivalents and restricted cash decreased by 19.2% to $267.9 million as of June 30, 2024 from $331.4 million as of June 30, 2023[17] - The Receivables Facility maximum principal amount was increased from $32 million to $45 million in June 2024, with the term extended until June 2026[42] - The Company entered into a new Credit Agreement in February 2024, providing for a $35 million revolving credit facility and a $255 million term loan facility[43] - Net cash provided by operating activities for the six months ended June 30, 2024 was $35,961, compared to $(25,513) in the same period in 2023[201] - Net cash used in investing activities for the six months ended June 30, 2024 was $(351,287), compared to $(190,867) in the same period in 2023[201] - Net cash provided by financing activities for the six months ended June 30, 2024 was $362,434, a 70% increase from $213,359 in the same period in 2023[201] - The company issued 298,057 shares under the Equity Financing Purchase Agreement for net proceeds of $5.2 million during the six months ended June 30, 2024[198] - Net cash provided by operating activities for the six months ended June 30, 2024 was $36.0 million, an increase of $61.5 million from net cash used in operating activities of $25.5 million for the same period in 2023[202] - Net cash used in investing activities for the six months ended June 30, 2024 was $351.3 million, primarily due to purchases of risk retention assets of $408.5 million[205] - Net cash provided by financing activities for the six months ended June 30, 2024 was $362.4 million, including $230.4 million from issuance of long-term debt and $90.0 million from the ordinary share offering[206] - The company entered into a Credit Agreement on February 2, 2024, providing a $25 million revolving credit facility and a $255 million term loan facility[206] Expenses and Costs - Depreciation and amortization expenses increased 67.3% to $13.4 million in H1 2024 from $8.0 million in H1 2023[16] - Share-based compensation decreased 8.4% to $33.5 million in H1 2024 from $36.6 million in H1 2023[16] - Share-based compensation for the period ending June 30, 2024, was $20.093 million, down from $37.710 million in the previous period[14] - Share-based compensation for the period ending June 30, 2023, was $22.395 million, down from $39.691 million in the previous period[15] - Rent expense was $5.8 million for the six months ended June 30, 2024, down from $6.8 million in the same period of 2023[66] - Sublease income was $2.0 million for the six months ended June 30, 2024, down slightly from $2.1 million in the same period of 2023[66] - Total operating lease liabilities amount to $45.956 million as of 2024, with imputed interest deducted at $10.283 million[67] - The company has a remaining contractual obligation of $6.1 million with a third-party cloud computing provider, of which $4.9 million is due within the next 12 months[69] - The maximum potential future payments under guarantees total $29.2 million as of June 30, 2024[70] - Production costs increased by $25.0 million, or 21%, to $145.6 million, driven by increases in Network Volume and new Partners onboarded[158][159] - Technology, data, and product development costs increased by $4.3 million, or 24%, to $21.9 million, primarily due to higher depreciation of capitalized software[160] - Sales and marketing costs decreased by $1.2 million, or 8%, to $13.3 million, driven by reduced compensation expenses and marketing-related costs[162] - General and administrative costs increased by $11.4 million, or 22%, to $64.4 million, excluding a $13.4 million loss from loan purchases, costs decreased by $2.0 million[163] - Production costs increased by $44.8 million (18%) to $290.5 million for the six months ended June 30, 2024, due to higher Network Volume and new Partners onboarded[172] - Technology, data and product development costs increased by $2.5 million (6%) to $41.3 million for the six months ended June 30, 2024, primarily due to higher depreciation of capitalized software[173] - Sales and marketing costs decreased by $5.3 million (18%) to $23.6 million for the six months ended June 30, 2024, driven by lower compensation expenses[175] - General and administrative costs increased by $23.4 million (22%) to $127.5 million for the six months ended June 30, 2024, excluding a $18.4 million loss from loan purchases[176] - Other expense, net increased by $23.7 million (28%) to $107.5 million for the six months ended June 30, 2024, due to higher interest expenses and credit-related impairment losses[177] - Non-cash charges for the six months ended June 30, 2024 included impairment losses on investments in loans and securities, which increased by $1.6 million[203] - Share-based compensation decreased by $3.1 million, while depreciation and amortization increased by $5.4 million primarily from capitalized software[203] Shareholder Equity and Compensation - Total shareholders' equity as of June 30, 2024, was $615.574 million, down from $665.749 million at December 31, 2023[14] - Share-based compensation for the period ending June 30, 2024, was $20.093 million, down from $37.710 million in the previous period[14] - Share-based

Pagaya Technologies Ltd. (NASDAQ:PGY) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET Company Participants Jency John - Head of Investor Relations Gal Krubiner - Chief Executive Officer Sanjiv Das - President Evangelos Perros - Chief Financial Officer Conference Call Participants Sanjay Sakhrani - KBW Joseph Vafi - Canaccord Genuity Peter Christiansen - Citi Timothy D'Agostino - B. Riley Operator Greetings, and welcome to Pagaya’s Second Quarter 2024 Earnings Conference Call. At this, partici ...