<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，基準分析師馬克·帕爾默（Mark Palmer）開始對 Pagaya Technologies（納斯達克股票代碼：PGY）進行覆蓋，給予買入評級，並設定目標股價為 21 美元。該目標表明與當前交易價格相比，存在 56% 的顯著上漲潛力。</p>
<p>帕爾默的樂觀展望源於 Pagaya 在人工智能信貸決策領域的戰略進展，儘管公司最近股價出現回落。</p>
<p>分析師指出，儘管一些投資者可能關注負面數據點，比如因將舊貸款按公允價值計量而導致的 5800 萬美元虧損，但公司已經取得了實質性的積極發展，為未來增長和盈利能力奠定了基礎。</p>
<h2>KBW 的覆蓋</h2>
<p>今年 6 月，Keefe, Bruyette &amp; Woods（KBW）開始對 Pagaya 進行覆蓋，給予跑贏市場評級，強調公司為大型放貸人帶來的價值。</p>
<p>KBW 的分析師桑傑·薩克拉尼（Sanjay Sakhrani）強調了 Pagaya 平台提供的獨特優勢，特別是在使放貸人能夠在不直接提供貸款的情況下保持客户關係方面。</p>
<p>這一戰略優勢，加上公司計劃在 2025 年實現現金流的正向發展，有助於形成良好的前景。</p>
<h2>戰略合作伙伴關係和融資協議</h2>
<p>Pagaya 最近的戰略舉措顯著增強了其運營和財務定位。</p>
<p>2024 年 8 月初，Pagaya 與 Castlelake LP 簽訂了一項前向流動協議，允許後者購買 Pagaya 平台上發起的高達 10 億美元的消費者貸款。</p>
<p>預計該協議將多樣化 Pagaya 的融資來源，同時減少其對自有資本進行貸款發起的依賴。</p>
<p>此外，公司與 OneMain Financial 達成了新合作伙伴關係，後者將利用 Pagaya 的技術拓展其客户羣。</p>
<p>這些發展不僅擴大了 Pagaya 的影響力，還增強了其高效擴展的能力，這對於公司繼續擴大其 120 多家機構投資者網絡至關重要。</p>
<h2>第二季度收益和財務表現</h2>
<p>在 2024 年第二季度的財報中，Pagaya 發佈了業績不一的結果，收入超出預期，但非通用會計準則下的每股收益不及預期。</p>
<p>公司報告的收入為 2.5034 億美元，同比增長 28%，主要受到手續費收入增長 31% 的推動。</p>
<p>然而，Pagaya 也錄得 7500 萬美元的淨虧損，主要是由於與舊貸款相關的非現金調整。</p>
<p>儘管如此，公司實現了 5000 萬美元的創紀錄調整後息税折舊及攤銷前利潤（EBITDA），超過了預期，並反映了運營效率的提高。</p>
<p>Pagaya 管理層仍然充滿信心，已提高了 2024 年全年收入和調整後 EBITDA 的指引，強調了公司強勁的增長軌跡。</p>
<h2>基本優勢和挑戰</h2>
<p>公司的人工智能信貸決策平台繼續獲得認可，新上線的 POS 垂直領域前 5 大銀行以及與 LendingClub 合作關係的擴展證明了這一點。</p>
<p>此外，Pagaya 為其個人貸款 ABS 計劃獲得了首個 AAA 評級，突顯了通過其平台促成的貸款質量不斷提高。</p>
<p>儘管取得這些積極發展，Pagaya 面臨一些挑戰。公司的淨虧損主要是由於對保留貸款價值的調整所致，這仍然是投資者關注的焦點。</p>
<p>這些虧損部分歸因於擁有較高違約率的舊貸款，儘管公司已通過加強其人工智能算法和專注於更有信用價值的申請人等方式在減少這些風險方面取得進展。</p>
<p>此外，Pagaya 資本密集型的商業模式需要大量前期成本用於吸引新合作伙伴並保持合規性，這帶來持續的挑戰。</p>
<p>公司在繼續增長的同時有效管理這些成本將對其長期成功至關重要。</p>
<h2>Pagaya 股票目前被低估</h2>
<p>Pagaya 的估值指標表明該股目前被低估。</p>
<p>2024 年調整後 EBITDA 指引為 2 億美元，公司的股價僅略高於預期 EBITDA 的 4.5 倍，這在金融科技領域被認為是一個便宜的價格。</p>
<p>這種低估值，加上 Pagaya 強勁的增長前景，表明存在相當大的上漲潛力。</p>
<p>與 Upstart、Affirm 和 LendingClub 等同行相比，Pagaya 的估值尤其引人注目，特別是考慮到其商業模式和運營效率的最新改進。</p>
<h2>盈利前景</h2>
<p>展望未來，Pagaya 的戰略重點是在 2025 年實現盈利和正向淨現金流。</p>
<p>公司計劃通過各種融資工具，如與 Castlelake 簽訂的前向流動協議，將其資產負債表上保留的資產比例從當前的 5% 降至 2%-3%。</p>
<p>此外，Pagaya 旨在通過利用規模經濟和提高運營效率繼續改善利潤率。</p>
<p>憑藉已建立的戰略合作伙伴關係、盈利路徑和強勁的收入增長，Pagaya 有望充分利用其技術優勢。</p>
<p>然而，市場將密切關注公司如何有效管理風險並實現其雄心勃勃的目標。</p>
<p>考慮到這些基本因素，下一個合乎邏輯的步驟是審視這些動態如何反映在股價走勢中，以及技術指標對其未來潛在軌跡的揭示。</p>
<h2>在 9 美元和 15 美元之間震盪</h2>
<p>Pagaya 股票在去年第三季度從 13 美元上漲至 30 美元以上，隨後在下一個季度回落至 13 美元水平。</p>
<p>自今年 3 月以來，該股一直在 9 美元至 15 美元的區間內交易。</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>來源：TradingView</p>
<p>只要股票保持在這個交易範圍內，無論是多頭還是空頭都不應期待更大的波動。</p>
<p>然而，最近幾周，該股多次在$11 附近得到支撐，這對多頭來説是一個好跡象。</p>
<p>因此，看好該股的投資者可以在當前水平開倉，止損價位為$10.72。</p>
<p>繼續看空該股的交易者必須等待股價接近$15 才能開空倉。</p>
<p>Benchmark 對 Pagaya Technologies 發起覆蓋，並給予買入評級：您應該投資嗎？</p>

<p>2024 年 8 月 26 日，基準分析師馬克·帕爾默（Mark Palmer）開始對 Pagaya Technologies（納斯達克股票代碼：PGY）進行覆蓋，給予買入評級，並設定目標價，暗示上漲 56%。儘管最近虧損，戰略合作伙伴關係和人工智能信貸決策方面的進展使 Pagaya 處於增長的有利位置。KBW 也將該公司評級為表現優異，強調其對貸款人的獨特價值。Pagaya 的第二季度收入同比增長 28%，儘管受到舊貸款虧損的影響。該公司旨在通過提高運營效率和減少資產保留來實現 2025 年盈利目標</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，基準分析師馬克·帕爾默（Mark Palmer）開始對 Pagaya Technologies（納斯達克股票代碼：PGY）進行覆蓋，給予買入評級，並設定目標股價為 21 美元。該目標表明與當前交易價格相比，存在 56% 的顯著上漲潛力。</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>帕爾默的樂觀展望源於 Pagaya 在人工智能信貸決策領域的戰略進展，儘管公司最近股價出現回落。</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>分析師指出，儘管一些投資者可能關注負面數據點，比如因將舊貸款按公允價值計量而導致的 5800 萬美元虧損，但公司已經取得了實質性的積極發展，為未來增長和盈利能力奠定了基礎。</p>
</div><h2>KBW’s coverage</h2>
<div class="lb-trans"><h2>KBW 的覆蓋</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）開始對 Pagaya 進行覆蓋，給予跑贏市場評級，強調公司為大型放貸人帶來的價值。</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 的分析師桑傑·薩克拉尼（Sanjay Sakhrani）強調了 Pagaya 平台提供的獨特優勢，特別是在使放貸人能夠在不直接提供貸款的情況下保持客户關係方面。</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>這一戰略優勢，加上公司計劃在 2025 年實現現金流的正向發展，有助於形成良好的前景。</p>
</div><h2>Strategic partnerships and funding agreements</h2>
<div class="lb-trans"><h2>戰略合作伙伴關係和融資協議</h2>
</div><p>Pagaya’s recent strategic moves have significantly bolstered its operational and financial positioning.</p>
<div class="lb-trans"><p>Pagaya 最近的戰略舉措顯著增強了其運營和財務定位。</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 與 Castlelake LP 簽訂了一項前向流動協議，允許後者購買 Pagaya 平台上發起的高達 10 億美元的消費者貸款。</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>預計該協議將多樣化 Pagaya 的融資來源，同時減少其對自有資本進行貸款發起的依賴。</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，公司與 OneMain Financial 達成了新合作伙伴關係，後者將利用 Pagaya 的技術拓展其客户羣。</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>這些發展不僅擴大了 Pagaya 的影響力，還增強了其高效擴展的能力，這對於公司繼續擴大其 120 多家機構投資者網絡至關重要。</p>
</div><h2>Q2 earnings and financial performance</h2>
<div class="lb-trans"><h2>第二季度收益和財務表現</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 年第二季度的財報中，Pagaya 發佈了業績不一的結果，收入超出預期，但非通用會計準則下的每股收益不及預期。</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>公司報告的收入為 2.5034 億美元，同比增長 28%，主要受到手續費收入增長 31% 的推動。</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 也錄得 7500 萬美元的淨虧損，主要是由於與舊貸款相關的非現金調整。</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>儘管如此，公司實現了 5000 萬美元的創紀錄調整後息税折舊及攤銷前利潤（EBITDA），超過了預期，並反映了運營效率的提高。</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 管理層仍然充滿信心，已提高了 2024 年全年收入和調整後 EBITDA 的指引，強調了公司強勁的增長軌跡。</p>
</div><h2>Fundamental strengths and headwinds</h2>
<div class="lb-trans"><h2>基本優勢和挑戰</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>公司的人工智能信貸決策平台繼續獲得認可，新上線的 POS 垂直領域前 5 大銀行以及與 LendingClub 合作關係的擴展證明了這一點。</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 為其個人貸款 ABS 計劃獲得了首個 AAA 評級，突顯了通過其平台促成的貸款質量不斷提高。</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>儘管取得這些積極發展，Pagaya 面臨一些挑戰。公司的淨虧損主要是由於對保留貸款價值的調整所致，這仍然是投資者關注的焦點。</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>這些虧損部分歸因於擁有較高違約率的舊貸款，儘管公司已通過加強其人工智能算法和專注於更有信用價值的申請人等方式在減少這些風險方面取得進展。</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 資本密集型的商業模式需要大量前期成本用於吸引新合作伙伴並保持合規性，這帶來持續的挑戰。</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>公司在繼續增長的同時有效管理這些成本將對其長期成功至關重要。</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 的估值指標表明該股目前被低估。</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 年調整後 EBITDA 指引為 2 億美元，公司的股價僅略高於預期 EBITDA 的 4.5 倍，這在金融科技領域被認為是一個便宜的價格。</p>
</div><p>This low valuation, combined with Pagaya’s robust growth prospects, suggests substantial upside potential.</p>
<div class="lb-trans"><p>這種低估值，加上 Pagaya 強勁的增長前景，表明存在相當大的上漲潛力。</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>與 Upstart、Affirm 和 LendingClub 等同行相比，Pagaya 的估值尤其引人注目，特別是考慮到其商業模式和運營效率的最新改進。</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>展望未來，Pagaya 的戰略重點是在 2025 年實現盈利和正向淨現金流。</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>公司計劃通過各種融資工具，如與 Castlelake 簽訂的前向流動協議，將其資產負債表上保留的資產比例從當前的 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 旨在通過利用規模經濟和提高運營效率繼續改善利潤率。</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>憑藉已建立的戰略合作伙伴關係、盈利路徑和強勁的收入增長，Pagaya 有望充分利用其技術優勢。</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，市場將密切關注公司如何有效管理風險並實現其雄心勃勃的目標。</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>考慮到這些基本因素，下一個合乎邏輯的步驟是審視這些動態如何反映在股價走勢中，以及技術指標對其未來潛在軌跡的揭示。</p>
</div><h2>Rangebound between $9 and $15</h2>
<div class="lb-trans"><h2>在 9 美元和 15 美元之間震盪</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從 13 美元上漲至 30 美元以上，隨後在下一個季度回落至 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 月以來，該股一直在 9 美元至 15 美元的區間內交易。</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>來源：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>只要股票保持在這個交易範圍內，無論是多頭還是空頭都不應期待更大的波動。</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，最近幾周，該股多次在$11 附近得到支撐，這對多頭來説是一個好跡象。</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，看好該股的投資者可以在當前水平開倉，止損價位為$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>繼續看空該股的交易者必須等待股價接近$15 才能開空倉。</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 對 Pagaya Technologies 發起覆蓋，並給予買入評級：您應該投資嗎？</p>
</div>

Benchmark 開始覆蓋 Pagaya Tech 並給予買入評級：你應該投資嗎？