Pagaya Technologies (NASDAQ:PGY) Shares Gap Down – Time to Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price 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.

Analyst Ratings Changes

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

Pagaya Technologies Stock Down 1.0 %

The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82. The firm has a 50 day moving average price of $10.26 and a 200-day moving average price of $11.16. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -2.98 and a beta of 6.09.

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 company had revenue of $279.39 million during the quarter, compared to analysts’ expectations of $264.28 million. During the same quarter in the prior year, the company earned $0.24 earnings per share. On average, equities analysts forecast that Pagaya Technologies Ltd. will post 0.82 EPS for the current year.

Insider Activity

In other Pagaya Technologies news, 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 completion of the sale, the chief financial officer now owns 54,029 shares in the company, valued at $538,669.13. The trade was a 28.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Sanjiv Das sold 6,343 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $63,239.71. Following the sale, the president now owns 75,528 shares in the company, valued at approximately $753,014.16. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,692 shares of company stock valued at $1,205,379 in the last ninety days. Company insiders own 49.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in shares of Pagaya Technologies by 502.5% during the third quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company’s stock valued at $1,610,000 after purchasing an additional 127,012 shares during the period. Point72 Asset Management L.P. grew its position in Pagaya Technologies by 4,374.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after buying an additional 304,890 shares in the last quarter. Centiva Capital LP acquired a new position in Pagaya Technologies during the 3rd quarter valued at about $617,000. Charles Schwab Investment Management Inc. raised its position in shares of Pagaya Technologies by 17.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company’s stock worth $1,184,000 after buying an additional 16,533 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Pagaya Technologies in the 3rd quarter worth approximately $787,000. 57.14% of the stock is owned by institutional investors and hedge funds.

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.