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

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) 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 traded.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PGY shares. 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. UBS Group began coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They issued a “neutral” rating and a $11.00 price target for the company. Canaccord Genuity Group restated a “buy” rating and set a $25.00 price objective on shares of Pagaya Technologies in a research report on Thursday, February 13th. Finally, Citigroup upgraded shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $13.00 to $14.50 in a research report on Friday, February 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Pagaya Technologies has a consensus rating of “Moderate Buy” and an average price target of $20.17.

Pagaya Technologies Price Performance

The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -2.64 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. The stock has a 50-day simple moving average of $10.39 and a 200 day simple moving average of $11.19.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.32). The business had revenue of $279.39 million for the quarter, compared to the consensus estimate of $264.28 million. Pagaya Technologies had a negative net margin of 39.20% and a positive return on equity of 0.82%. During the same quarter in the prior year, the business posted $0.24 EPS. On average, equities research analysts forecast that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Insider Activity

In related news, insider Tami Rosen sold 21,547 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $214,823.59. Following the completion of the sale, the insider now directly owns 73,550 shares of the company’s stock, valued at $733,293.50. The trade was a 22.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Sanjiv Das sold 6,343 shares of the business’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 sale, the president now directly owns 75,528 shares of the company’s stock, valued at approximately $753,014.16. This trade represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,692 shares of company stock worth $1,205,379. Corporate insiders own 49.56% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP bought a new position in shares of Pagaya Technologies in the third quarter valued at about $374,000. Intech Investment Management LLC acquired a new stake in shares of Pagaya Technologies in the 3rd quarter valued at approximately $191,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Pagaya Technologies by 17.3% in 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 boosted its stake in shares of Pagaya Technologies by 13.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock valued at $176,000 after purchasing an additional 1,937 shares in the last quarter. Finally, FMR LLC boosted its position in Pagaya Technologies by 8.3% during the 3rd quarter. FMR LLC now owns 524,570 shares of the company’s stock worth $5,545,000 after buying an additional 40,031 shares during the period. 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.