<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/120514556_l_normal_none-scaled.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/120514556_l_normal_none-scaled.jpg"/></p>
<p>2024 年 8 月 26 日，基准分析师马克·帕尔默（Mark Palmer）开始对 Pagaya Technologies（纳斯达克股票代码：PGY）进行覆盖，给予买入评级，并设定目标股价为 21 美元。该目标表明与当前交易价格相比，存在 56% 的显著上涨潜力。</p>
<p>帕尔默的乐观展望源于 Pagaya 在人工智能信贷决策领域的战略进展，尽管公司最近股价出现回落。</p>
<p>分析师指出，尽管一些投资者可能关注负面数据点，比如因将旧贷款按公允价值计量而导致的 5800 万美元亏损，但公司已经取得了实质性的积极发展，为未来增长和盈利能力奠定了基础。</p>
<h2>KBW 的覆盖</h2>
<p>今年 6 月，Keefe, Bruyette &amp; Woods（KBW）开始对 Pagaya 进行覆盖，给予跑赢市场评级，强调公司为大型放贷人带来的价值。</p>
<p>KBW 的分析师桑杰·萨克拉尼（Sanjay Sakhrani）强调了 Pagaya 平台提供的独特优势，特别是在使放贷人能够在不直接提供贷款的情况下保持客户关系方面。</p>
<p>这一战略优势，加上公司计划在 2025 年实现现金流的正向发展，有助于形成良好的前景。</p>
<h2>战略合作伙伴关系和融资协议</h2>
<p>Pagaya 最近的战略举措显著增强了其运营和财务定位。</p>
<p>2024 年 8 月初，Pagaya 与 Castlelake LP 签订了一项前向流动协议，允许后者购买 Pagaya 平台上发起的高达 10 亿美元的消费者贷款。</p>
<p>预计该协议将多样化 Pagaya 的融资来源，同时减少其对自有资本进行贷款发起的依赖。</p>
<p>此外，公司与 OneMain Financial 达成了新合作伙伴关系，后者将利用 Pagaya 的技术拓展其客户群。</p>
<p>这些发展不仅扩大了 Pagaya 的影响力，还增强了其高效扩展的能力，这对于公司继续扩大其 120 多家机构投资者网络至关重要。</p>
<h2>第二季度收益和财务表现</h2>
<p>在 2024 年第二季度的财报中，Pagaya 发布了业绩不一的结果，收入超出预期，但非通用会计准则下的每股收益不及预期。</p>
<p>公司报告的收入为 2.5034 亿美元，同比增长 28%，主要受到手续费收入增长 31% 的推动。</p>
<p>然而，Pagaya 也录得 7500 万美元的净亏损，主要是由于与旧贷款相关的非现金调整。</p>
<p>尽管如此，公司实现了 5000 万美元的创纪录调整后息税折旧及摊销前利润（EBITDA），超过了预期，并反映了运营效率的提高。</p>
<p>Pagaya 管理层仍然充满信心，已提高了 2024 年全年收入和调整后 EBITDA 的指引，强调了公司强劲的增长轨迹。</p>
<h2>基本优势和挑战</h2>
<p>公司的人工智能信贷决策平台继续获得认可，新上线的 POS 垂直领域前 5 大银行以及与 LendingClub 合作关系的扩展证明了这一点。</p>
<p>此外，Pagaya 为其个人贷款 ABS 计划获得了首个 AAA 评级，突显了通过其平台促成的贷款质量不断提高。</p>
<p>尽管取得这些积极发展，Pagaya 面临一些挑战。公司的净亏损主要是由于对保留贷款价值的调整所致，这仍然是投资者关注的焦点。</p>
<p>这些亏损部分归因于拥有较高违约率的旧贷款，尽管公司已通过加强其人工智能算法和专注于更有信用价值的申请人等方式在减少这些风险方面取得进展。</p>
<p>此外，Pagaya 资本密集型的商业模式需要大量前期成本用于吸引新合作伙伴并保持合规性，这带来持续的挑战。</p>
<p>公司在继续增长的同时有效管理这些成本将对其长期成功至关重要。</p>
<h2>Pagaya 股票目前被低估</h2>
<p>Pagaya 的估值指标表明该股目前被低估。</p>
<p>2024 年调整后 EBITDA 指引为 2 亿美元，公司的股价仅略高于预期 EBITDA 的 4.5 倍，这在金融科技领域被认为是一个便宜的价格。</p>
<p>这种低估值，加上 Pagaya 强劲的增长前景，表明存在相当大的上涨潜力。</p>
<p>与 Upstart、Affirm 和 LendingClub 等同行相比，Pagaya 的估值尤其引人注目，特别是考虑到其商业模式和运营效率的最新改进。</p>
<h2>盈利前景</h2>
<p>展望未来，Pagaya 的战略重点是在 2025 年实现盈利和正向净现金流。</p>
<p>公司计划通过各种融资工具，如与 Castlelake 签订的前向流动协议，将其资产负债表上保留的资产比例从当前的 5% 降至 2%-3%。</p>
<p>此外，Pagaya 旨在通过利用规模经济和提高运营效率继续改善利润率。</p>
<p>凭借已建立的战略合作伙伴关系、盈利路径和强劲的收入增长，Pagaya 有望充分利用其技术优势。</p>
<p>然而，市场将密切关注公司如何有效管理风险并实现其雄心勃勃的目标。</p>
<p>考虑到这些基本因素，下一个合乎逻辑的步骤是审视这些动态如何反映在股价走势中，以及技术指标对其未来潜在轨迹的揭示。</p>
<h2>在 9 美元和 15 美元之间震荡</h2>
<p>Pagaya 股票在去年第三季度从 13 美元上涨至 30 美元以上，随后在下一个季度回落至 13 美元水平。</p>
<p>自今年 3 月以来，该股一直在 9 美元至 15 美元的区间内交易。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/PGY_2024-08-26_19-48-08-1024x555.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/PGY_2024-08-26_19-48-08-1024x555.png"/></p>
<p>来源：TradingView</p>
<p>只要股票保持在这个交易范围内，无论是多头还是空头都不应期待更大的波动。</p>
<p>然而，最近几周，该股多次在$11 附近得到支撑，这对多头来说是一个好迹象。</p>
<p>因此，看好该股的投资者可以在当前水平开仓，止损价位为$10.72。</p>
<p>继续看空该股的交易者必须等待股价接近$15 才能开空仓。</p>
<p>Benchmark 对 Pagaya Technologies 发起覆盖，并给予买入评级：您应该投资吗？</p>

<p>2024 年 8 月 26 日，基准分析师马克·帕尔默（Mark Palmer）开始对 Pagaya Technologies（纳斯达克股票代码：PGY）进行覆盖，给予买入评级，并设定目标价，暗示上涨 56%。尽管最近亏损，战略合作伙伴关系和人工智能信贷决策方面的进展使 Pagaya 处于增长的有利位置。KBW 也将该公司评级为表现优异，强调其对贷款人的独特价值。Pagaya 的第二季度收入同比增长 28%，尽管受到旧贷款亏损的影响。该公司旨在通过提高运营效率和减少资产保留来实现 2025 年盈利目标</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/120514556_l_normal_none-scaled.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2024/08/120514556_l_normal_none-scaled.jpg"/></p>
<p>On August 26, 2024, benchmark analyst Mark Palmer initiated coverage on Pagaya Technologies (NASDAQ: PGY) with a Buy rating and a price target of $21. This target suggests a significant upside potential of 56% from the current trading price.</p>
<div class="lb-trans"><p>2024 年 8 月 26 日，基准分析师马克·帕尔默（Mark Palmer）开始对 Pagaya Technologies（纳斯达克股票代码：PGY）进行覆盖，给予买入评级，并设定目标股价为 21 美元。该目标表明与当前交易价格相比，存在 56% 的显著上涨潜力。</p>
</div><p>Palmer’s optimistic outlook was driven by Pagaya’s strategic advancements, particularly in the AI-powered credit decisioning space, despite the company’s recent stock pullback.</p>
<div class="lb-trans"><p>帕尔默的乐观展望源于 Pagaya 在人工智能信贷决策领域的战略进展，尽管公司最近股价出现回落。</p>
</div><p>The analyst pointed out that while some investors may have focused on a negative data point—such as the $58 million in losses due to marking older loans to fair value—there were substantial positive developments that have positioned the company for future growth and profitability.</p>
<div class="lb-trans"><p>分析师指出，尽管一些投资者可能关注负面数据点，比如因将旧贷款按公允价值计量而导致的 5800 万美元亏损，但公司已经取得了实质性的积极发展，为未来增长和盈利能力奠定了基础。</p>
</div><h2>KBW’s coverage</h2>
<div class="lb-trans"><h2>KBW 的覆盖</h2>
</div><p>In June, Keefe, Bruyette &amp; Woods (KBW) initiated coverage on Pagaya with an Outperform rating, highlighting the value the company brings to large lenders.</p>
<div class="lb-trans"><p>今年 6 月，Keefe, Bruyette &amp; Woods（KBW）开始对 Pagaya 进行覆盖，给予跑赢市场评级，强调公司为大型放贷人带来的价值。</p>
</div><p>KBW’s analyst Sanjay Sakhrani emphasized the unique benefits that Pagaya’s platform offers, particularly in enabling lenders to maintain customer relationships even when they do not directly provide the loans.</p>
<div class="lb-trans"><p>KBW 的分析师桑杰·萨克拉尼（Sanjay Sakhrani）强调了 Pagaya 平台提供的独特优势，特别是在使放贷人能够在不直接提供贷款的情况下保持客户关系方面。</p>
</div><p>This strategic advantage, coupled with the company’s path towards cash flow positivity by 2025, contributed to the favourable outlook.</p>
<div class="lb-trans"><p>这一战略优势，加上公司计划在 2025 年实现现金流的正向发展，有助于形成良好的前景。</p>
</div><h2>Strategic partnerships and funding agreements</h2>
<div class="lb-trans"><h2>战略合作伙伴关系和融资协议</h2>
</div><p>Pagaya’s recent strategic moves have significantly bolstered its operational and financial positioning.</p>
<div class="lb-trans"><p>Pagaya 最近的战略举措显著增强了其运营和财务定位。</p>
</div><p>In early August 2024, Pagaya entered into a forward flow agreement with Castlelake LP, allowing the latter to purchase up to $1 billion in consumer loans originated on Pagaya’s platform.</p>
<div class="lb-trans"><p>2024 年 8 月初，Pagaya 与 Castlelake LP 签订了一项前向流动协议，允许后者购买 Pagaya 平台上发起的高达 10 亿美元的消费者贷款。</p>
</div><p>This agreement is expected to diversify Pagaya’s funding sources while reducing its reliance on its capital for loan origination.</p>
<div class="lb-trans"><p>预计该协议将多样化 Pagaya 的融资来源，同时减少其对自有资本进行贷款发起的依赖。</p>
</div><p>Additionally, the company formed a new partnership with OneMain Financial, which will leverage Pagaya’s technology to broaden its customer base.</p>
<div class="lb-trans"><p>此外，公司与 OneMain Financial 达成了新合作伙伴关系，后者将利用 Pagaya 的技术拓展其客户群。</p>
</div><p>These developments not only expand Pagaya’s reach but also enhance its ability to scale efficiently, which is crucial as the company continues to grow its network of over 120 institutional investors.</p>
<div class="lb-trans"><p>这些发展不仅扩大了 Pagaya 的影响力，还增强了其高效扩展的能力，这对于公司继续扩大其 120 多家机构投资者网络至关重要。</p>
</div><h2>Q2 earnings and financial performance</h2>
<div class="lb-trans"><h2>第二季度收益和财务表现</h2>
</div><p>In its second-quarter 2024 earnings report, Pagaya posted mixed results, with revenue exceeding expectations but non-GAAP EPS falling short.</p>
<div class="lb-trans"><p>在 2024 年第二季度的财报中，Pagaya 发布了业绩不一的结果，收入超出预期，但非通用会计准则下的每股收益不及预期。</p>
</div><p>The company reported revenue of $250.34 million, a 28% year-over-year increase, driven by a 31% rise in fee revenue.</p>
<div class="lb-trans"><p>公司报告的收入为 2.5034 亿美元，同比增长 28%，主要受到手续费收入增长 31% 的推动。</p>
</div><p>However, Pagaya also recorded a net loss of $75 million, primarily due to non-cash adjustments related to older loans.</p>
<div class="lb-trans"><p>然而，Pagaya 也录得 7500 万美元的净亏损，主要是由于与旧贷款相关的非现金调整。</p>
</div><p>Despite this, the company achieved a record adjusted EBITDA of $50 million, surpassing its outlook and reflecting improved operational efficiency.</p>
<div class="lb-trans"><p>尽管如此，公司实现了 5000 万美元的创纪录调整后息税折旧及摊销前利润（EBITDA），超过了预期，并反映了运营效率的提高。</p>
</div><p>Pagaya’s management remains confident, having raised its full-year 2024 guidance for both revenue and adjusted EBITDA, underscoring the company’s strong growth trajectory.</p>
<div class="lb-trans"><p>Pagaya 管理层仍然充满信心，已提高了 2024 年全年收入和调整后 EBITDA 的指引，强调了公司强劲的增长轨迹。</p>
</div><h2>Fundamental strengths and headwinds</h2>
<div class="lb-trans"><h2>基本优势和挑战</h2>
</div><p>The company’s AI-powered credit decisioning platform continues to gain traction, evidenced by the onboarding of a new top 5 bank in its POS vertical and the expansion of its partnership with LendingClub.</p>
<div class="lb-trans"><p>公司的人工智能信贷决策平台继续获得认可，新上线的 POS 垂直领域前 5 大银行以及与 LendingClub 合作关系的扩展证明了这一点。</p>
</div><p>Additionally, Pagaya’s ability to secure its first AAA rating for its personal loan ABS program highlights the improving quality of the loans facilitated through its platform.</p>
<div class="lb-trans"><p>此外，Pagaya 为其个人贷款 ABS 计划获得了首个 AAA 评级，突显了通过其平台促成的贷款质量不断提高。</p>
</div><p>Despite these positive developments, Pagaya faces several challenges. The company’s net losses, largely driven by adjustments to the value of retained loans, remain a concern for investors.</p>
<div class="lb-trans"><p>尽管取得这些积极发展，Pagaya 面临一些挑战。公司的净亏损主要是由于对保留贷款价值的调整所致，这仍然是投资者关注的焦点。</p>
</div><p>These losses are partly attributable to older loans with higher default rates, though the company has made strides in reducing these risks by tightening its AI algorithms and focusing on more creditworthy applicants.</p>
<div class="lb-trans"><p>这些亏损部分归因于拥有较高违约率的旧贷款，尽管公司已通过加强其人工智能算法和专注于更有信用价值的申请人等方式在减少这些风险方面取得进展。</p>
</div><p>Furthermore, Pagaya’s capital-intensive business model, which requires substantial upfront costs for onboarding new partners and maintaining compliance, presents ongoing challenges.</p>
<div class="lb-trans"><p>此外，Pagaya 资本密集型的商业模式需要大量前期成本用于吸引新合作伙伴并保持合规性，这带来持续的挑战。</p>
</div><p>The company’s ability to manage these costs while continuing to grow will be critical to its long-term success.</p>
<div class="lb-trans"><p>公司在继续增长的同时有效管理这些成本将对其长期成功至关重要。</p>
</div><h2>Pagaya’s stock currently undervalued</h2>
<div class="lb-trans"><h2>Pagaya 股票目前被低估</h2>
</div><p>Pagaya’s valuation metrics suggest that the stock is currently undervalued.</p>
<div class="lb-trans"><p>Pagaya 的估值指标表明该股目前被低估。</p>
</div><p>With an adjusted EBITDA guidance of $200 million for 2024, the company is trading at just over 4.5 times its expected EBITDA, which is considered a bargain in the fintech space.</p>
<div class="lb-trans"><p>2024 年调整后 EBITDA 指引为 2 亿美元，公司的股价仅略高于预期 EBITDA 的 4.5 倍，这在金融科技领域被认为是一个便宜的价格。</p>
</div><p>This low valuation, combined with Pagaya’s robust growth prospects, suggests substantial upside potential.</p>
<div class="lb-trans"><p>这种低估值，加上 Pagaya 强劲的增长前景，表明存在相当大的上涨潜力。</p>
</div><p>In comparison to peers like Upstart, Affirm, and LendingClub, Pagaya’s valuation appears particularly compelling, especially considering the recent enhancements to its business model and operational efficiency.</p>
<div class="lb-trans"><p>与 Upstart、Affirm 和 LendingClub 等同行相比，Pagaya 的估值尤其引人注目，特别是考虑到其商业模式和运营效率的最新改进。</p>
</div><h2>Profitability outlook</h2>
<div class="lb-trans"><h2>盈利前景</h2>
</div><p>Looking ahead, Pagaya’s strategic focus is on achieving profitability and positive net cash flow by 2025.</p>
<div class="lb-trans"><p>展望未来，Pagaya 的战略重点是在 2025 年实现盈利和正向净现金流。</p>
</div><p>The company plans to reduce the percentage of assets retained on its balance sheet to 2%-3%, down from the current 5%, through various financing instruments like the forward flow agreement with Castlelake.</p>
<div class="lb-trans"><p>公司计划通过各种融资工具，如与 Castlelake 签订的前向流动协议，将其资产负债表上保留的资产比例从当前的 5% 降至 2%-3%。</p>
</div><p>Additionally, Pagaya aims to continue improving its margins by leveraging economies of scale and enhancing operational efficiency.</p>
<div class="lb-trans"><p>此外，Pagaya 旨在通过利用规模经济和提高运营效率继续改善利润率。</p>
</div><p>With strategic partnerships in place, a path toward profitability in sight, and strong revenue growth, Pagaya is poised to capitalize on its technological strengths.</p>
<div class="lb-trans"><p>凭借已建立的战略合作伙伴关系、盈利路径和强劲的收入增长，Pagaya 有望充分利用其技术优势。</p>
</div><p>However, the market will be closely watching how effectively the company manages its risks and delivers on its ambitious goals.</p>
<div class="lb-trans"><p>然而，市场将密切关注公司如何有效管理风险并实现其雄心勃勃的目标。</p>
</div><p>With these fundamental factors in mind, the next logical step is to examine how these dynamics are reflected in the stock’s price movements and what the technical indicators reveal about its potential future trajectory.</p>
<div class="lb-trans"><p>考虑到这些基本因素，下一个合乎逻辑的步骤是审视这些动态如何反映在股价走势中，以及技术指标对其未来潜在轨迹的揭示。</p>
</div><h2>Rangebound between $9 and $15</h2>
<div class="lb-trans"><h2>在 9 美元和 15 美元之间震荡</h2>
</div><p>Pagaya’s stock saw a rapid rise from $13 to above $30 in Q3 last year and in the next quarter fell back to $13 levels.</p>
<div class="lb-trans"><p>Pagaya 股票在去年第三季度从 13 美元上涨至 30 美元以上，随后在下一个季度回落至 13 美元水平。</p>
</div><p>Since March this year, the stock has been trading in a $9-$15 range.</p>
<div class="lb-trans"><p>自今年 3 月以来，该股一直在 9 美元至 15 美元的区间内交易。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/PGY_2024-08-26_19-48-08-1024x555.png" alt="" original-src="https://invezz.com/wp-content/uploads/2024/08/PGY_2024-08-26_19-48-08-1024x555.png"/></p>
<p>Source: TradingView</p>
<div class="lb-trans"><p>来源：TradingView</p>
</div><p>As long as the stock remains in this trading range, neither bulls nor bears should expect bigger moves.</p>
<div class="lb-trans"><p>只要股票保持在这个交易范围内，无论是多头还是空头都不应期待更大的波动。</p>
</div><p>However, in recent weeks the stock has taken support near $11 level multiple times which is a good sign for bulls.</p>
<div class="lb-trans"><p>然而，最近几周，该股多次在$11 附近得到支撑，这对多头来说是一个好迹象。</p>
</div><p>Hence, investors bullish on the stock can initiate long positions at current levels with a stop loss at $10.72.</p>
<div class="lb-trans"><p>因此，看好该股的投资者可以在当前水平开仓，止损价位为$10.72。</p>
</div><p>Traders who continue to be bearish on the stock must wait for it to reach near $15 before initiating short positions.</p>
<div class="lb-trans"><p>继续看空该股的交易者必须等待股价接近$15 才能开空仓。</p>
</div><p>The post Benchmark initiates coverage on Pagaya Technologies with a Buy rating: Should you invest? appeared first on Invezz</p>
<div class="lb-trans"><p>Benchmark 对 Pagaya Technologies 发起覆盖，并给予买入评级：您应该投资吗？</p>
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Benchmark 开始覆盖 Pagaya Tech 并给予买入评级：你应该投资吗？