Pagaya Technologies (NASDAQ:PGY) Shares Down 7% - Should You Sell?

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.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) fell 7% during trading on Thursday . The stock traded as low as $31.60 and last traded at $31.55. 1,588,823 shares were traded during mid-day 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 equities analysts have recently weighed in on the stock. Benchmark lifted their price objective on shares of Pagaya Technologies from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday, August 8th. Keefe, Bruyette & Woods lifted their price target on shares of Pagaya Technologies from $27.00 to $38.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. B. Riley raised their price objective on Pagaya Technologies from $46.00 to $54.00 and gave the company a "buy" rating in a report on Monday. Oppenheimer boosted their target price on Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, JMP Securities raised their price target on Pagaya Technologies from $26.00 to $35.00 and gave the company a "market outperform" rating in a report on Monday. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Pagaya Technologies has a consensus rating of "Moderate Buy" and an average target price of $34.33.

Pagaya Technologies Trading Down 5.0%

The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market cap of $2.44 billion, a P/E ratio of -8.43 and a beta of 5.95. The business's fifty day moving average is $24.62 and its 200-day moving average is $16.42.

Insiders Place Their Bets

In related news, CFO Evangelos Perros sold 12,755 shares of Pagaya Technologies stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $22.57, for a total value of $287,880.35. Following the transaction, the chief financial officer directly owned 82,870 shares of the company's stock, valued at $1,870,375.90. The trade was a 13.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dan Petrozzo sold 8,484 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $30.15, for a total value of $255,792.60. Following the completion of the sale, the director owned 96,278 shares in the company, valued at $2,902,781.70. The trade was a 8.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 878,155 shares of company stock valued at $17,372,922 over the last ninety days. 47.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds have recently added to or reduced their stakes in PGY. Wealth Enhancement Advisory Services LLC lifted its stake in Pagaya Technologies by 9.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,361 shares of the company's stock valued at $130,000 after acquiring an additional 1,094 shares in the last quarter. BNP Paribas Financial Markets grew its position in Pagaya Technologies by 1,249.2% in the 4th quarter. BNP Paribas Financial Markets now owns 131,637 shares of the company's stock worth $1,223,000 after purchasing an additional 121,880 shares in the last quarter. Barclays PLC purchased a new stake in Pagaya Technologies in the 4th quarter valued at about $595,000. Bank of America Corp DE lifted its position in shares of Pagaya Technologies by 9.7% during the 4th quarter. Bank of America Corp DE now owns 144,097 shares of the company's stock worth $1,339,000 after buying an additional 12,760 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Pagaya Technologies by 5,431.3% during 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 in the last quarter. 57.14% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.