In a recent transaction filed with the Securities and Exchange Commission, Evangelos Perros, the Chief Financial Officer of Pagaya (NASDAQ:PGY) Technologies Ltd. (NASDAQ:PGY), sold a significant portion of his shares. On January 2, 2025, Perros disposed of 21,305 Class A Ordinary Shares at a price of $9.97 each, totaling approximately $212,410. This sale was necessary to satisfy tax withholding obligations arising from the quarterly vesting of a compensatory award. The stock, which currently trades at $10.41, has shown significant momentum with a 7.9% return over the past week, according to InvestingPro data.
Earlier, on January 1, 2025, Perros acquired a total of 49,712 Class A Ordinary Shares at no cost, resulting from the vesting of restricted stock units. Following these transactions, Perros holds 54,029 shares directly. The company, which has shown strong revenue growth of 23.4% in the last twelve months, currently appears undervalued based on InvestingPro’s Fair Value analysis. Investors can access detailed valuation metrics and 7 additional ProTips through InvestingPro’s comprehensive research platform.
In other recent news, Pagaya Technologies reported robust financial results in their 3Q 2024 earnings call, projecting an annual revenue rate nearing $1 billion and an adjusted EBITDA of $220 million. The company also announced strategic plans to reach GAAP profitability by 2025, with significant growth in loans, customer acquisition, and partner relationships. In addition, Pagaya Technologies shareholders approved significant changes to the company’s corporate structure, including the phased declassification of the board of directors and amendments related to executive officer employment.
UBS has resumed coverage on Pagaya Technologies, issuing a Neutral rating while seeking clarity on the trajectory of the company’s credit impairments. Meanwhile, the company has appointed Cory Vieira as Chief Accounting Officer, a move that is expected to play a crucial role as the company aims for profitability in 2024.
These are the recent developments that investors should be aware of as they reflect on Pagaya Technologies’ financial performance and strategic initiatives.
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