Pagaya Technologies (NASDAQ:PGY) Shares Down 7.4% - Here's Why

Key Points

• Pagaya Technologies' shares fell by 7.4%, closing at $38.25, down from a previous close of $41.30, with trading volume slightly above average.
• Brokerage firms have adjusted their ratings and price targets for Pagaya Technologies, with JMP Securities raising its target from $26.00 to $35.00, while the average consensus target price now stands at $34.33.
• Insider activity saw notable sales, with the CFO selling 11,553 shares and the President 13,304 shares, reflecting a decrease in their ownership stakes.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) shares fell 7.4% during trading on Tuesday . The company traded as low as $38.22 and last traded at $38.25. 2,761,445 shares traded hands during trading, an increase of 1% from the average session volume of 2,747,348 shares. The stock had previously closed at $41.30.

Wall Street Analyst Weigh In

A number of brokerages have commented on PGY. JMP Securities upped their price target on shares of Pagaya Technologies from $26.00 to $35.00 and gave the company a "market outperform" rating in a research report on Monday, August 11th. Oppenheimer increased their price objective on shares of Pagaya Technologies from $16.00 to $25.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods increased their price objective on shares of Pagaya Technologies from $27.00 to $38.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Wall Street Zen cut shares of Pagaya Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 30th. Finally, Canaccord Genuity Group raised their price target on shares of Pagaya Technologies from $28.00 to $36.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Pagaya Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

Pagaya Technologies Price Performance

The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $2.89 billion, a P/E ratio of -9.83 and a beta of 5.96. The business's fifty day moving average price is $33.91 and its 200-day moving average price is $21.28.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, CFO Evangelos Perros sold 11,553 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $40.62, for a total value of $469,282.86. Following the completion of the sale, the chief financial officer directly owned 68,151 shares of the company's stock, valued at $2,768,293.62. The trade was a 14.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Sanjiv Das sold 13,304 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $40.62, for a total transaction of $540,408.48. Following the completion of the sale, the president directly owned 96,885 shares of the company's stock, valued at $3,935,468.70. This represents a 12.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 246,870 shares of company stock valued at $6,469,002. 47.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

Institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd lifted its position in Pagaya Technologies by 35.8% during the second quarter. Caitong International Asset Management Co. Ltd now owns 1,973 shares of the company's stock valued at $42,000 after purchasing an additional 520 shares during the period. Nisa Investment Advisors LLC raised its position in Pagaya Technologies by 8.6% in the second quarter. Nisa Investment Advisors LLC now owns 6,676 shares of the company's stock worth $142,000 after acquiring an additional 526 shares during the period. Fox Run Management L.L.C. raised its position in Pagaya Technologies by 1.9% in the second quarter. Fox Run Management L.L.C. now owns 50,587 shares of the company's stock worth $1,079,000 after acquiring an additional 919 shares during the period. GAMMA Investing LLC raised its position in shares of Pagaya Technologies by 21.2% during the 2nd quarter. GAMMA Investing LLC now owns 5,363 shares of the company's stock valued at $114,000 after purchasing an additional 938 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of 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 purchasing an additional 1,094 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.

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