Pagaya Technologies (NASDAQ:PGY) Trading Down 13.1% – Here’s What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY) was down 13.1% during mid-day trading on Monday . The stock traded as low as $9.30 and last traded at $9.18. Approximately 1,934,477 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 2,839,006 shares. The stock had previously closed at $10.57.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGY. UBS Group assumed coverage on shares of Pagaya Technologies in a research report on Friday, December 20th. They set a “neutral” rating and a $11.00 price target for the company. Canaccord Genuity Group reissued a “buy” rating and set a $25.00 target price on shares of Pagaya Technologies in a report on Thursday, February 13th. 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 research report on Friday, February 7th. Finally, JMP Securities boosted their price target on Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.17.

Pagaya Technologies Stock Performance

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 market capitalization of $754.24 million, a PE ratio of -1.86 and a beta of 5.97. The firm’s fifty day moving average is $11.03 and its 200-day moving average is $11.09.

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

Insiders Place Their Bets

In other news, CFO Evangelos Perros sold 21,305 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $212,410.85. Following the sale, the chief financial officer now owns 54,029 shares of the company’s stock, valued at approximately $538,669.13. This represents a 28.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tami Rosen sold 35,369 shares of Pagaya Technologies stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $15.00, for a total value of $530,535.00. Following the completion of the transaction, the insider now owns 38,181 shares of the company’s stock, valued at approximately $572,715. This trade represents a 48.09 % 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 worth $1,205,379 over the last three months. Company insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in shares of Pagaya Technologies by 502.5% in the 3rd 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 in the last quarter. Point72 Asset Management L.P. increased its holdings in Pagaya Technologies by 4,374.9% in the third 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 during the last quarter. Centiva Capital LP purchased a new stake in Pagaya Technologies during the 3rd quarter worth about $617,000. IFP Advisors Inc boosted its position in shares of Pagaya Technologies by 80.7% during the 4th quarter. IFP Advisors Inc now owns 13,265 shares of the company’s stock worth $123,000 after acquiring an additional 5,925 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings 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 acquiring an additional 16,533 shares during the last quarter. 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.