Pagaya Technologies (NASDAQ:PGY) Stock Price Down 8.3% – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY) shares fell 8.3% on Wednesday . The stock traded as low as $13.94 and last traded at $14.02. 1,238,856 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 3,847,929 shares. The stock had previously closed at $15.29.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGY. Citigroup reduced their price objective on Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Benchmark reduced their price objective on Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Jefferies Financial Group reduced their price objective on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Canaccord Genuity Group reissued a “buy” rating and issued a $32.00 price objective on shares of Pagaya Technologies in a research report on Monday, May 18th. Finally, Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $33.11.

Pagaya Technologies Stock Down 9.1%

The business has a 50 day moving average of $13.16 and a 200 day moving average of $17.04. The company has a debt-to-equity ratio of 1.25, a current ratio of 12.09 and a quick ratio of 12.09. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 12.99 and a beta of 5.35.

Pagaya Technologies (NASDAQ:PGY) last issued its earnings results on Sunday, March 22nd. The company reported ($40.85) EPS for the quarter. The firm had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. On average, equities analysts anticipate that Pagaya Technologies Ltd. will post 2.92 EPS for the current year.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, Director Tami Rosen sold 9,720 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $15.14, for a total transaction of $147,160.80. Following the completion of the transaction, the director directly owned 37,544 shares in the company, valued at $568,416.16. This represents a 20.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Sanjiv Das sold 9,702 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $10.99, for a total value of $106,624.98. Following the transaction, the president owned 144,034 shares of the company’s stock, valued at $1,582,933.66. This represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 46,756 shares of company stock worth $558,738. 47.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Segall Bryant & Hamill LLC raised its stake in Pagaya Technologies by 81.0% during the first quarter. Segall Bryant & Hamill LLC now owns 118,459 shares of the company’s stock worth $1,380,000 after acquiring an additional 53,011 shares in the last quarter. Edgestream Partners L.P. raised its stake in Pagaya Technologies by 353.2% during the first quarter. Edgestream Partners L.P. now owns 373,771 shares of the company’s stock worth $4,354,000 after acquiring an additional 291,291 shares in the last quarter. Royal Bank of Canada raised its stake in Pagaya Technologies by 134.6% during the first quarter. Royal Bank of Canada now owns 35,940 shares of the company’s stock worth $419,000 after acquiring an additional 20,623 shares in the last quarter. Empowered Funds LLC raised its stake in Pagaya Technologies by 4,562.7% during the first quarter. Empowered Funds LLC now owns 116,661 shares of the company’s stock worth $1,359,000 after acquiring an additional 114,159 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Pagaya Technologies by 5.4% during the first quarter. The Manufacturers Life Insurance Company now owns 15,136 shares of the company’s stock worth $176,000 after acquiring an additional 776 shares in the last quarter. 57.14% of the stock is currently owned by institutional investors and hedge funds.

Pagaya Technologies Company Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.