Pagaya Technologies (NASDAQ:PGY) Shares Gap Down on Insider Selling

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $16.89, but opened at $12.27. Pagaya Technologies shares last traded at $11.52, with a volume of 4,003,911 shares trading hands.

Specifically, insider Yahav Yulzari sold 150,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $15.50, for a total transaction of $2,325,000.00. Following the completion of the sale, the insider now directly owns 161,637 shares in the company, valued at $2,505,373.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Tami Rosen sold 7,659 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $12.00, for a total value of $91,908.00. Following the completion of the sale, the insider now owns 65,857 shares of the company’s stock, valued at approximately $790,284. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PGY shares. Canaccord Genuity Group dropped their target price on shares of Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday. B. Riley decreased their target price on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Wedbush restated a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a research report on Monday, August 12th. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a report on Tuesday, September 3rd. Finally, Benchmark restated a “buy” rating and set a $21.00 target price on shares of Pagaya Technologies in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Pagaya Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $22.11.

Pagaya Technologies Stock Performance

The business’s 50 day simple moving average is $11.68 and its two-hundred day simple moving average is $12.35. The firm has a market capitalization of $731.13 million, a P/E ratio of -4.01 and a beta of 6.33. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hood River Capital Management LLC bought a new position in shares of Pagaya Technologies during the first quarter valued at $9,265,000. Millennium Management LLC increased its holdings in Pagaya Technologies by 455.9% in the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after buying an additional 179,235 shares in the last quarter. Divisadero Street Capital Management LP bought a new position in Pagaya Technologies during the 2nd quarter valued at about $2,273,000. Yarra Square Partners LP boosted its holdings in shares of Pagaya Technologies by 29.9% during the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock valued at $7,903,000 after acquiring an additional 142,500 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Pagaya Technologies during the 2nd quarter valued at about $1,564,000. 57.14% of the stock is 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.