Pagaya Technologies (NASDAQ:PGY) Shares Down 5.3%

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price traded down 5.3% during trading on Wednesday . The stock traded as low as $13.09 and last traded at $13.09. 522,983 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 1,142,300 shares. The stock had previously closed at $13.82.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PGY shares. JMP Securities reiterated a “market outperform” rating and issued a $25.00 target price on shares of Pagaya Technologies in a research report on Tuesday. Keefe, Bruyette & Woods assumed coverage on shares of Pagaya Technologies in a research report on Monday, June 17th. They issued an “outperform” rating and a $23.00 target price for the company. Wedbush restated a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a report on Monday, August 12th. Benchmark assumed coverage on shares of Pagaya Technologies in a report on Monday, August 26th. They set a “buy” rating and a $21.00 price target on the stock. Finally, Citigroup assumed coverage on shares of Pagaya Technologies in a report on Friday, May 24th. They set a “neutral” rating and a $14.00 price target on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Pagaya Technologies Stock Down 2.3 %

The business’s fifty day moving average price is $13.59 and its 200 day moving average price is $12.65. The company has a market capitalization of $870.65 million, a P/E ratio of -8.82 and a beta of 6.44. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.11). Pagaya Technologies had a negative net margin of 14.58% and a negative return on equity of 3.10%. The firm had revenue of $250.34 million for the quarter, compared to the consensus estimate of $239.16 million. As a group, equities research analysts predict that Pagaya Technologies Ltd. will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Nicole Torraco sold 4,743 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.04, for a total transaction of $57,105.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Nicole Torraco sold 4,743 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.04, for a total transaction of $57,105.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Evangelos Perros sold 24,171 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total transaction of $327,517.05. Following the transaction, the chief financial officer now owns 23,791 shares of the company’s stock, valued at approximately $322,368.05. The disclosure for this sale can be found here. Over the last three months, insiders sold 84,239 shares of company stock valued at $1,190,278. Insiders own 19.70% of the company’s stock.

Institutional Trading of Pagaya Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Yarra Square Partners LP acquired a new position in shares of Pagaya Technologies in the fourth quarter valued at $4,099,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Pagaya Technologies in the first quarter valued at $12,686,000. Hood River Capital Management LLC acquired a new position in shares of Pagaya Technologies in the first quarter valued at $9,265,000. Quadrature Capital Ltd acquired a new position in shares of Pagaya Technologies in the fourth quarter valued at $1,079,000. Finally, Swiss National Bank acquired a new position in shares of Pagaya Technologies in the fourth quarter valued at $658,000. 57.14% of the stock is owned by institutional investors.

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.