Why Pagaya Technologies Blasted 13% Higher Today
There was some encouraging news about Pagaya Technologies (NASDAQ: PGY) on Friday, and this boosted the value of the tech company's stock. It rose by almost 13% in value on a recommendation change from an analyst, and that performance served as quite a positive contrast to the nearly 1% dip of the S 500 index on the day.
's Peter Christiansen was the person behind that modification; well before market open he shifted his recommendation on Pagaya stock to buy from the previous neutral. He also cranked his price target higher -- now it stands at $14.50 per share, where previously it was $13.
According to reports, Christiansen wrote in his update that the stock is being undervalued by the market largely because of markdowns on its 2023 asset-backed securities pool. He anticipates, however, that positive factors like higher demand for personal loans and improvements in efficiency will give the company a fine chance to land in the black on the bottom line this year.
Source Fool.com
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