Pagaya Technologies (NASDAQ:PGY) Hits New 52-Week Low – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price hit a new 52-week low during trading on Monday . The stock traded as low as $8.56 and last traded at $8.61, with a volume of 1898871 shares traded. The stock had previously closed at $8.81.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Oppenheimer assumed coverage on Pagaya Technologies in a report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 target price for the company. B. Riley cut their target price on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Canaccord Genuity Group lowered their price target on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Finally, JMP Securities reiterated a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.11.

Pagaya Technologies Stock Performance

The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17. The company has a 50 day moving average price of $11.37 and a 200 day moving average price of $12.32. The company has a market capitalization of $629.82 million, a PE ratio of -3.39 and a beta of 6.33.

Insiders Place Their Bets

In other Pagaya Technologies news, insider Yahav Yulzari acquired 23,600 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was purchased at an average price of $10.52 per share, with a total value of $248,272.00. Following the completion of the acquisition, the insider now directly owns 311,637 shares in the company, valued at $3,278,421.24. This trade represents a 8.19 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Tami Rosen sold 17,570 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $12.06, for a total transaction of $211,894.20. Following the sale, the insider now directly owns 73,516 shares in the company, valued at $886,602.96. This trade represents a 19.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 186,045 shares of company stock valued at $2,755,982 in the last ninety days. Corporate insiders own 49.56% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Large investors have recently bought and sold shares of the business. ARK Investment Management LLC grew its position in Pagaya Technologies by 36.2% in the 2nd quarter. ARK Investment Management LLC now owns 221,810 shares of the company’s stock worth $2,830,000 after purchasing an additional 58,939 shares during the last quarter. Sei Investments Co. acquired a new stake in Pagaya Technologies in the 1st quarter valued at approximately $1,101,000. Yarra Square Partners LP raised its stake in Pagaya Technologies by 29.9% during the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock valued at $7,903,000 after acquiring an additional 142,500 shares in the last quarter. Millennium Management LLC boosted its position in Pagaya Technologies by 455.9% during the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after acquiring an additional 179,235 shares during the period. Finally, Rhumbline Advisers bought a new position in shares of Pagaya Technologies in the second quarter worth $781,000. Institutional investors 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.