Pagaya Technologies (NASDAQ:PGY) Stock Price Down 4.1% – Time to Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price dropped 4.1% on Thursday . The company traded as low as $20.83 and last traded at $20.7450. Approximately 996,633 shares traded hands during trading, a decline of 72% from the average daily volume of 3,564,401 shares. The stock had previously closed at $21.64.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PGY. Zacks Research raised shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Weiss Ratings restated a “hold (c-)” rating on shares of Pagaya Technologies in a report on Monday. Citizens Jmp raised their price objective on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, July 31st. Canaccord Genuity Group lifted their price objective on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Jefferies Financial Group upped their target price on shares of Pagaya Technologies from $23.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Pagaya Technologies presently has a consensus rating of “Buy” and a consensus price target of $31.25.

Pagaya Technologies Price Performance

The company has a current ratio of 11.08, a quick ratio of 11.08 and a debt-to-equity ratio of 1.12. The business has a 50-day moving average of $20.13 and a 200 day moving average of $15.96. The firm has a market capitalization of $1.76 billion, a PE ratio of 15.49 and a beta of 5.35.

Insider Activity

In other Pagaya Technologies news, Director Tami Rosen sold 7,121 shares of the stock in a transaction dated Saturday, September 12th. The shares were sold at an average price of $20.21, for a total value of $143,915.41. Following the completion of the sale, the director owned 23,904 shares in the company, valued at approximately $483,099.84. This trade represents a 22.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gal Krubiner bought 16,230 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were purchased at an average cost of $15.43 per share, for a total transaction of $250,428.90. Following the transaction, the chief executive officer owned 555,906 shares in the company, valued at approximately $8,577,629.58. This represents a 3.01% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 96,559 shares of company stock worth $1,925,537 over the last quarter. Insiders own 41.99% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PGY. Allspring Global Investments Holdings LLC grew its position in shares of Pagaya Technologies by 141.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company’s stock valued at $12,040,000 after purchasing an additional 602,992 shares in the last quarter. Q Global Advisors LLC lifted its holdings in Pagaya Technologies by 324.8% during the 1st quarter. Q Global Advisors LLC now owns 537,551 shares of the company’s stock worth $6,262,000 after purchasing an additional 410,996 shares in the last quarter. Edgestream Partners L.P. boosted its stake in Pagaya Technologies by 353.2% in the 1st quarter. Edgestream Partners L.P. now owns 373,771 shares of the company’s stock worth $4,354,000 after purchasing an additional 291,291 shares during the period. Principal Financial Group Inc. boosted its stake in Pagaya Technologies by 211.0% in the 1st quarter. Principal Financial Group Inc. now owns 375,212 shares of the company’s stock worth $4,371,000 after purchasing an additional 254,550 shares during the period. Finally, Squarepoint Ops LLC boosted its stake in Pagaya Technologies by 614.7% in the 2nd quarter. Squarepoint Ops LLC now owns 252,036 shares of the company’s stock worth $4,600,000 after purchasing an additional 216,770 shares during the period. 57.14% of the stock is owned by hedge funds and other institutional investors.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company’s Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.