Pagaya Technologies (NASDAQ:PGY) Shares Down 4.7% – Should You Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price dropped 4.7% during mid-day trading on Monday . The stock traded as low as $11.10 and last traded at $11.13. Approximately 527,493 shares were traded during trading, a decline of 58% from the average daily volume of 1,253,682 shares. The stock had previously closed at $11.68.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Benchmark restated a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a report on Wednesday, October 16th. 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 on the stock. JMP Securities reissued a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Wedbush restated a “neutral” rating and issued a $13.00 price target on shares of Pagaya Technologies in a research report on Monday, August 12th. Finally, Canaccord Genuity Group decreased their price target on shares of Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Pagaya Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $22.89.

Pagaya Technologies Trading Down 8.5 %

The firm has a market cap of $767.70 million, a P/E ratio of -5.49 and a beta of 6.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a 50 day simple moving average of $11.87 and a 200 day simple moving average of $12.19.

Pagaya Technologies (NASDAQ:PGY) last announced its earnings results on Friday, August 9th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.11). Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. The company had revenue of $250.34 million during the quarter, compared to analysts’ expectations of $239.16 million. On average, equities research analysts predict that Pagaya Technologies Ltd. will post -0.09 EPS for the current fiscal year.

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 10,683 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $11.77, for a total value of $125,738.91. Following the completion of the transaction, the president now directly owns 64,794 shares of the company’s stock, valued at $762,625.38. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Yahav Yulzari purchased 23,600 shares of Pagaya Technologies stock in a transaction dated Monday, September 30th. The shares were bought at an average cost of $10.52 per share, for a total transaction of $248,272.00. Following the purchase, the insider now owns 311,637 shares in the company, valued at approximately $3,278,421.24. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Sanjiv Das sold 10,683 shares of Pagaya Technologies stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $11.77, for a total transaction of $125,738.91. Following the completion of the sale, the president now owns 64,794 shares of the company’s stock, valued at $762,625.38. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,079 shares of company stock worth $494,849. Corporate insiders own 19.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. nVerses Capital LLC bought a new position in shares of Pagaya Technologies during the 2nd quarter valued at approximately $74,000. SG Americas Securities LLC purchased a new stake in Pagaya Technologies in the second quarter valued at $101,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Pagaya Technologies in the 2nd quarter valued at about $166,000. The Manufacturers Life Insurance Company purchased a new position in shares of Pagaya Technologies during the 2nd quarter worth approximately $187,000. Finally, Castle Hook Partners LP acquired a new stake in Pagaya Technologies in the 1st quarter worth about $188,000. 57.14% of the stock is currently owned by institutional investors.

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.