Pagaya Technologies (NASDAQ:PGY) Shares Down 7% - Here's What Happened

Key Points

• Pagaya Technologies shares fell 7% to $31.55 during trading, with trading volume down 39% from average levels.
• Analysts have raised price targets for Pagaya, with the consensus rating as a "Moderate Buy" and an average target price of $34.33.
• Insiders sold a significant amount of shares, totaling $17.37 million in the last ninety days, indicating a reduction in ownership.

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) traded down 7% during trading on Thursday . The stock traded as low as $31.60 and last traded at $31.55. 1,588,823 shares traded hands during trading, a decline of 39% from the average session volume of 2,612,745 shares. The stock had previously closed at $33.93.

Analyst Ratings Changes

Several analysts have issued reports on the company. B. Riley upped their price objective on Pagaya Technologies from $46.00 to $54.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Wall Street Zen raised shares of Pagaya Technologies from a "buy" rating to a "strong-buy" rating in a report on Saturday. Oppenheimer increased their price target on Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Stephens initiated coverage on Pagaya Technologies in a research report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 target price on the stock. Finally, Citigroup upped their price target on shares of Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

Pagaya Technologies Price Performance

The stock has a 50-day moving average of $25.87 and a two-hundred day moving average of $17.13. The firm has a market cap of $2.39 billion, a price-to-earnings ratio of 29.80 and a beta of 5.95. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85.

Insiders Place Their Bets

In related news, insider Tami Rosen sold 13,821 shares of Pagaya Technologies stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $21.85, for a total transaction of $301,988.85. Following the completion of the sale, the insider owned 35,619 shares of the company's stock, valued at approximately $778,275.15. This trade represents a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Evangelos Perros sold 12,755 shares of the business's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $22.57, for a total value of $287,880.35. Following the completion of the transaction, the chief financial officer owned 82,870 shares in the company, valued at $1,870,375.90. This trade represents a 13.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 878,155 shares of company stock valued at $17,372,922 over the last quarter. 47.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGY. MassMutual Private Wealth & Trust FSB acquired a new stake in shares of Pagaya Technologies in the second quarter worth $25,000. Virtus Advisers LLC bought a new stake in Pagaya Technologies during the 1st quarter valued at approximately $35,000. Caitong International Asset Management Co. Ltd grew its holdings in Pagaya Technologies by 35.8% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company's stock valued at $42,000 after buying an additional 520 shares during the last quarter. GAMMA Investing LLC increased its position in Pagaya Technologies by 5,431.3% in the 1st quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock worth $46,000 after buying an additional 4,345 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Pagaya Technologies in the fourth quarter worth $93,000. Institutional investors and hedge funds 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.