Pagaya Technologies (NASDAQ:PGY) Shares Gap Down – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares gapped down before the market opened on Thursday . The stock had previously closed at $16.50, but opened at $15.41. Pagaya Technologies shares last traded at $16.85, with a volume of 1,737,426 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PGY. UBS Group initiated coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective on the stock. Citigroup raised Pagaya Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the company from $13.00 to $14.50 in a research report on Friday, February 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Thursday, February 13th. Finally, JMP Securities boosted their price objective on Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a research note on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.17.

Pagaya Technologies Stock Performance

The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -2.64 and a beta of 6.09. The stock has a fifty day moving average price of $10.39 and a 200 day moving average price of $11.19. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.32). Pagaya Technologies had a negative net margin of 39.20% and a positive return on equity of 0.82%. The business had revenue of $279.39 million during the quarter, compared to the consensus estimate of $264.28 million. During the same quarter in the previous year, the firm posted $0.24 EPS. As a group, analysts predict that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current year.

Insider Buying and Selling

In other Pagaya Technologies news, insider Tami Rosen sold 35,369 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $15.00, for a total transaction of $530,535.00. Following the sale, the insider now owns 38,181 shares of the company’s stock, valued at $572,715. The trade was a 48.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Evangelos Perros sold 21,305 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $212,410.85. Following the transaction, the chief financial officer now owns 54,029 shares of the company’s stock, valued at $538,669.13. This trade represents a 28.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,692 shares of company stock valued at $1,205,379 over the last 90 days. 49.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. PharVision Advisers LLC bought a new position in Pagaya Technologies in the fourth quarter worth approximately $109,000. Voloridge Investment Management LLC grew its holdings in Pagaya Technologies by 200.9% during the 4th quarter. Voloridge Investment Management LLC now owns 149,978 shares of the company’s stock valued at $1,393,000 after purchasing an additional 100,127 shares during the last quarter. Two Sigma Advisers LP grew its stake in Pagaya Technologies by 1,942.7% in the 4th quarter. Two Sigma Advisers LP now owns 232,682 shares of the company’s stock worth $2,162,000 after acquiring an additional 221,291 shares in the last quarter. Two Sigma Investments LP lifted its position in Pagaya Technologies by 359.6% during the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company’s stock valued at $7,675,000 after acquiring an additional 646,357 shares during the last quarter. Finally, Tidal Investments LLC increased its stake in shares of Pagaya Technologies by 11.3% in the fourth quarter. Tidal Investments LLC now owns 45,971 shares of the company’s stock worth $427,000 after acquiring an additional 4,649 shares during the period. 57.14% of the stock is owned by institutional investors.

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.