Pagaya Technologies (NASDAQ:PGY) Shares Down 10% – What’s Next?

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) traded down 10% during trading on Tuesday . The stock traded as low as $10.62 and last traded at $10.44. 618,417 shares were traded during mid-day trading, a decline of 78% from the average session volume of 2,852,729 shares. The stock had previously closed at $11.60.

Wall Street Analyst Weigh In

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

Pagaya Technologies Trading Down 5.6 %

The firm has a fifty day moving average of $10.92 and a two-hundred day moving average of $11.18. The company has a market cap of $806.16 million, a PE ratio of -2.01 and a beta of 6.09. 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 posted its earnings results on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.32). Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. The business had revenue of $279.39 million for the quarter, compared to analysts’ expectations of $264.28 million. During the same quarter in the previous year, the firm earned $0.24 earnings per share. As a group, sell-side analysts predict that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Insider Activity

In other Pagaya Technologies news, President Sanjiv Das sold 6,343 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $63,239.71. Following the completion of the transaction, the president now owns 75,528 shares of the company’s stock, valued at $753,014.16. This represents a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Tami Rosen sold 21,547 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $214,823.59. Following the completion of the sale, the insider now owns 73,550 shares in the company, valued at approximately $733,293.50. This represents a 22.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,692 shares of company stock valued at $1,205,379. Corporate insiders own 49.56% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

A number of large investors have recently modified their holdings of PGY. Invesco Ltd. boosted its position in Pagaya Technologies by 1.8% during the 4th quarter. Invesco Ltd. now owns 48,030 shares of the company’s stock valued at $446,000 after acquiring an additional 864 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Pagaya Technologies by 10.9% during the fourth quarter. Arizona State Retirement System now owns 11,154 shares of the company’s stock valued at $104,000 after purchasing an additional 1,092 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Pagaya Technologies by 15.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company’s stock worth $101,000 after purchasing an additional 1,532 shares during the period. Tidal Investments LLC raised its holdings in 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 lifted its position in Pagaya Technologies by 13.2% during the third quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock valued at $176,000 after buying an additional 1,937 shares during the period. 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.