Why Pagaya Technologies Ltd. (PGY) Outpaced the Stock Market Today
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 Pagaya Technologies Ltd. will be of great interest to investors. The company's earnings report is expected on November 12, 2024. The company's upcoming EPS is projected at $0.25, signifying a 4.17% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $253.97 million, reflecting a 26.07% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.84 per share and a revenue of $1.02 billion, signifying shifts of +250% and +28.52%, respectively, from the last year.
Investors should also note any recent changes to analyst estimates for Pagaya Technologies Ltd. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 40.68% higher. As of now, Pagaya Technologies Ltd. holds a Zacks Rank of #2 (Buy).
With respect to valuation, Pagaya Technologies Ltd. is currently being traded at a Forward P/E ratio of 13.8. Its industry sports an average Forward P/E of 11.64, so one might conclude that Pagaya Technologies Ltd. is trading at a premium comparatively.
The Financial - Miscellaneous Services industry is part of the Finance sector. With its current Zacks Industry Rank of 78, this industry ranks in the top 31% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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