Pagaya Technologies (NASDAQ:PGY) Shares Down 7.1% – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price fell 7.1% on Friday . The company traded as low as $10.80 and last traded at $10.74. 309,764 shares changed hands during trading, a decline of 82% from the average session volume of 1,689,881 shares. The stock had previously closed at $11.56.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PGY. UBS Group started coverage on Pagaya Technologies in a report on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective on the stock. B. Riley reissued a “buy” rating and issued a $36.00 price target on shares of Pagaya Technologies in a research note on Monday, March 17th. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. Canaccord Genuity Group reiterated a “buy” rating and set a $25.00 price objective on shares of Pagaya Technologies in a report on Thursday, February 13th. Finally, Citigroup raised shares of 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 report on Friday, February 7th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.61.

Pagaya Technologies Stock Performance

The stock has a market cap of $784.38 million, a price-to-earnings ratio of -1.91 and a beta of 5.98. 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 stock’s 50-day moving average is $11.51 and its 200-day moving average is $10.93.

Pagaya Technologies (NASDAQ:PGY) last released 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). The business had revenue of $279.39 million during the quarter, compared to analyst estimates of $264.28 million. Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. During the same period in the previous year, the company earned $0.24 EPS. On average, analysts expect that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Insider Buying and Selling at Pagaya Technologies

In other news, CFO Evangelos Perros sold 21,305 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $212,410.85. Following the completion of the transaction, the chief financial officer now directly owns 54,029 shares in the company, valued at approximately $538,669.13. This represents a 28.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Sanjiv Das sold 6,343 shares of the firm’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 $63,239.71. Following the sale, the president now directly owns 75,528 shares of the company’s stock, valued at approximately $753,014.16. The trade was a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,692 shares of company stock valued at $1,205,379 over the last three months. 49.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new stake in shares of Pagaya Technologies during the third quarter worth about $191,000. Charles Schwab Investment Management Inc. grew its stake in Pagaya Technologies by 17.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company’s stock valued at $1,184,000 after purchasing an additional 16,533 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Pagaya Technologies by 13.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock worth $176,000 after purchasing an additional 1,937 shares during the last quarter. FMR LLC raised its position in shares of Pagaya Technologies by 8.3% in the 3rd quarter. FMR LLC now owns 524,570 shares of the company’s stock valued at $5,545,000 after purchasing an additional 40,031 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Pagaya Technologies during the 3rd quarter valued at approximately $787,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

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.