Pagaya Technologies (NASDAQ:PGY) Trading Down 8.8% – Should You Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price was down 8.8% during mid-day trading on Wednesday . The stock traded as low as $10.89 and last traded at $10.89. Approximately 607,381 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 1,260,381 shares. The stock had previously closed at $11.94.

Analyst Ratings Changes

A number of equities research analysts recently commented on PGY shares. B. Riley decreased their price objective on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Canaccord Genuity Group lowered their price target on Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Wedbush reissued a “neutral” rating and set a $13.00 price objective on shares of Pagaya Technologies in a research note on Monday, August 12th. Oppenheimer initiated coverage on shares of Pagaya Technologies in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 target price for the company. Finally, Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.89.

Pagaya Technologies Stock Performance

The firm has a market capitalization of $777.06 million, a P/E ratio of -7.89 and a beta of 6.36. The stock has a fifty day moving average of $11.98 and a 200-day moving average of $12.13. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.72.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.11). The business had revenue of $250.34 million during the quarter, compared to analyst estimates of $239.16 million. Pagaya Technologies had a negative net margin of 14.58% and a negative return on equity of 3.10%. On average, research analysts anticipate that Pagaya Technologies Ltd. will post -0.15 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Avital Pardo sold 11,601 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $15.83, for a total transaction of $183,643.83. Following the completion of the transaction, the chief technology officer now directly owns 433,125 shares of the company’s stock, valued at approximately $6,856,368.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CTO Avital Pardo sold 11,601 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $15.83, for a total transaction of $183,643.83. Following the transaction, the chief technology officer now directly owns 433,125 shares in the company, valued at approximately $6,856,368.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Yahav Yulzari purchased 23,600 shares of the business’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $10.52 per share, with a total value of $248,272.00. Following the purchase, the insider now owns 311,637 shares of the company’s stock, valued at approximately $3,278,421.24. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 66,275 shares of company stock valued at $940,334 in the last three months. 19.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors have recently bought and sold shares of PGY. nVerses Capital LLC acquired a new stake in shares of Pagaya Technologies during the 2nd quarter worth about $74,000. SG Americas Securities LLC bought a new stake in shares of Pagaya Technologies during the second quarter worth approximately $101,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Pagaya Technologies in the second quarter valued at approximately $166,000. Cubist Systematic Strategies LLC increased its stake in shares of Pagaya Technologies by 50.1% during the second quarter. Cubist Systematic Strategies LLC now owns 43,813 shares of the company’s stock worth $559,000 after purchasing an additional 14,629 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new stake in Pagaya Technologies during the 2nd quarter worth approximately $187,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial institutions and investors in the United States, Israel, the Cayman Islands, and internationally. The company develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets.