Pagaya Technologies (NASDAQ:PGY) Trading Down 13.1% – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price traded down 13.1% during mid-day trading on Monday . The company traded as low as $9.30 and last traded at $9.18. 1,934,477 shares changed hands during trading, a decline of 32% from the average session volume of 2,839,006 shares. The stock had previously closed at $10.57.

Analyst Ratings Changes

PGY has been the subject of a number of research reports. Citigroup upgraded shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and raised their price target for the stock from $13.00 to $14.50 in a report on Friday, February 7th. Canaccord Genuity Group reiterated a “buy” rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Thursday, February 13th. UBS Group initiated coverage on Pagaya Technologies in a report on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective for the company. Finally, JMP Securities increased their target price on Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $20.17.

Pagaya Technologies Trading Down 9.5 %

The stock has a market capitalization of $704.89 million, a PE ratio of -1.74 and a beta of 5.98. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The firm has a 50 day moving average price of $11.02 and a 200 day moving average price of $11.13.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) earnings per share 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 company had revenue of $279.39 million for the quarter, compared to the consensus estimate of $264.28 million. During the same quarter last year, the business posted $0.24 earnings per share. Equities analysts expect that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Pagaya Technologies

Large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its position in Pagaya Technologies by 1.8% in the fourth quarter. Invesco Ltd. now owns 48,030 shares of the company’s stock worth $446,000 after buying an additional 864 shares during the last quarter. Arizona State Retirement System increased its holdings in Pagaya Technologies by 10.9% in the 4th quarter. Arizona State Retirement System now owns 11,154 shares of the company’s stock worth $104,000 after acquiring an additional 1,092 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Pagaya Technologies by 15.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company’s stock valued at $101,000 after purchasing an additional 1,532 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Pagaya Technologies by 4.6% in the third quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock worth $437,000 after purchasing an additional 1,826 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Pagaya Technologies by 13.2% in the third quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock valued at $176,000 after purchasing an additional 1,937 shares during the period. Hedge funds and other institutional investors own 57.14% of the company’s stock.

About Pagaya Technologies

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.