Pagaya Technologies (NASDAQ:PGY) Shares Gap Down to $12.45

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) gapped down prior to trading on Thursday . The stock had previously closed at $12.45, but opened at $10.47. Pagaya Technologies shares last traded at $9.94, with a volume of 2,004,124 shares changing hands.

Analyst Ratings Changes

Several brokerages recently issued reports on PGY. Benchmark began coverage on shares of Pagaya Technologies in a research note on Monday, August 26th. They set a “buy” rating and a $21.00 price objective on the stock. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Wedbush reiterated a “neutral” rating and set a $13.00 price objective on shares of Pagaya Technologies in a report on Monday, August 12th. Keefe, Bruyette & Woods began coverage on shares of Pagaya Technologies in a report on Monday, June 17th. They issued an “outperform” rating and a $23.00 target price for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $42.00 price target on shares of Pagaya Technologies in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.00.

Pagaya Technologies Price Performance

The stock has a market capitalization of $675.68 million, a P/E ratio of -7.04 and a beta of 6.41. The company has a 50 day moving average of $13.26 and a 200-day moving average of $12.17. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.72.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $250.34 million for the quarter, compared to the consensus estimate of $239.16 million. Sell-side analysts predict that Pagaya Technologies Ltd. will post -0.11 EPS for the current year.

Insider Buying and Selling

In other news, CTO Avital Pardo sold 11,601 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $15.83, for a total transaction of $183,643.83. Following the completion of the transaction, the chief technology officer now owns 433,125 shares of the company’s stock, valued at $6,856,368.75. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Evangelos Perros sold 24,171 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $13.55, for a total value of $327,517.05. Following the sale, the chief financial officer now directly owns 23,791 shares in the company, valued at approximately $322,368.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Avital Pardo sold 11,601 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $15.83, for a total value of $183,643.83. Following the transaction, the chief technology officer now owns 433,125 shares of the company’s stock, valued at approximately $6,856,368.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,203 shares of company stock valued at $995,963. Insiders own 19.70% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in Pagaya Technologies during the 1st quarter valued at about $12,686,000. Hood River Capital Management LLC bought a new position in shares of Pagaya Technologies in the first quarter valued at approximately $9,265,000. Quadrature Capital Ltd acquired a new position in shares of Pagaya Technologies during the fourth quarter valued at approximately $1,079,000. Swiss National Bank bought a new stake in Pagaya Technologies during the fourth quarter worth approximately $658,000. Finally, Millennium Management LLC lifted its position in Pagaya Technologies by 455.9% in the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after purchasing an additional 179,235 shares during the period. 57.14% of the stock is currently 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.