Pagaya Technologies (NASDAQ:PGY) Shares Gap Down – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY) gapped down before the market opened on Friday . The stock had previously closed at $9.08, but opened at $8.67. Pagaya Technologies shares last traded at $8.70, with a volume of 789,832 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PGY shares. Canaccord Genuity Group cut their target price on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. UBS Group assumed coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price objective for the company. Oppenheimer initiated coverage on Pagaya Technologies in a report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price target on the stock. Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Pagaya Technologies in a research note on Wednesday, October 16th. Finally, B. Riley lowered their target price on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Pagaya Technologies Trading Down 5.1 %

The company has a market cap of $634.95 million, a price-to-earnings ratio of -3.39 and a beta of 6.11. The company’s 50 day moving average price is $10.17 and its 200 day moving average price is $11.77. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17.

Insider Buying and Selling

In other news, President Sanjiv Das sold 6,343 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $63,239.71. Following the completion of the sale, the president now directly owns 75,528 shares in the company, valued at approximately $753,014.16. The trade was a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tami Rosen sold 21,547 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $214,823.59. Following the completion of the transaction, the insider now owns 73,550 shares in the company, valued at $733,293.50. The trade was a 22.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 235,107 shares of company stock worth $3,245,015. Corporate insiders own 49.56% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds have recently modified their holdings of PGY. JPMorgan Chase & Co. lifted its position 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 worth $1,610,000 after acquiring an additional 127,012 shares during the period. Tidal Investments LLC raised its stake in shares of Pagaya Technologies by 4.6% in the third quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock valued at $437,000 after purchasing an additional 1,826 shares in the last quarter. Virtu Financial LLC bought a new position in Pagaya Technologies in the third quarter worth $223,000. Geode Capital Management LLC boosted its stake in Pagaya Technologies by 7.8% during the third quarter. Geode Capital Management LLC now owns 596,992 shares of the company’s stock worth $6,310,000 after buying an additional 43,068 shares in the last quarter. Finally, State Street Corp increased its holdings in Pagaya Technologies by 14.6% in the 3rd quarter. State Street Corp now owns 763,823 shares of the company’s stock valued at $8,074,000 after buying an additional 97,135 shares during the period. 57.14% of the stock is owned by institutional investors.

About Pagaya Technologies

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.