Pagaya Technologies (NASDAQ:PGY) Shares Gap Down – Should You Sell?

Shares of 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 traded.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PGY. Canaccord Genuity Group cut their target price on shares of Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Pagaya Technologies in a research note on Wednesday, October 16th. B. Riley dropped their price target 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. UBS Group initiated coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They issued a “neutral” rating and a $11.00 price target on the stock. Finally, Oppenheimer initiated coverage on shares of Pagaya Technologies in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Pagaya Technologies Trading Down 3.4 %

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a market capitalization of $645.96 million, a PE ratio of -3.45 and a beta of 6.12. The business’s 50-day moving average price is $10.11 and its 200-day moving average price is $11.74.

Insider Transactions at Pagaya Technologies

In related news, insider Tami Rosen sold 21,547 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $214,823.59. Following the completion of the sale, the insider now directly owns 73,550 shares of the company’s stock, valued at $733,293.50. This trade represents a 22.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Yahav Yulzari sold 150,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.50, for a total value of $2,325,000.00. Following the sale, the insider now directly owns 161,637 shares of the company’s stock, valued at approximately $2,505,373.50. This represents a 48.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 235,107 shares of company stock worth $3,245,015. 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. Point72 Asset Management L.P. lifted its holdings in Pagaya Technologies by 4,374.9% in the third quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after acquiring an additional 304,890 shares during the period. Centiva Capital LP acquired a new stake in Pagaya Technologies in the third quarter valued at $617,000. Yarra Square Partners LP lifted its holdings in Pagaya Technologies by 29.9% in the second 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 during the period. Millennium Management LLC lifted its holdings in Pagaya Technologies by 455.9% in the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock valued at $2,789,000 after acquiring an additional 179,235 shares during the period. Finally, Rhumbline Advisers acquired a new stake in Pagaya Technologies in the second quarter valued at $781,000. 57.14% of the stock is owned by institutional investors and hedge funds.

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.