Pagaya Technologies (NASDAQ:PGY) Shares Gap Down - Time to Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $17.76, but opened at $17.29. Pagaya Technologies shares last traded at $16.83, with a volume of 741,890 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PGY. Citigroup upgraded shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and raised their price target for the stock from $13.00 to $14.50 in a report on Friday, February 7th. B. Riley reiterated a "buy" rating and issued a $36.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. Canaccord Genuity Group reiterated a "buy" rating and issued a $25.00 price objective on shares of Pagaya Technologies in a research note on Thursday, February 13th. Benchmark reiterated a "buy" rating and issued a $25.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. Finally, JMP Securities lifted their price objective on shares of Pagaya Technologies from $25.00 to $26.00 and gave the company a "market outperform" rating in a research note on Friday, February 14th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.61.

Pagaya Technologies Stock Up 4.5%

The firm has a market cap of $1.33 billion, a P/E ratio of -3.18 and a beta of 5.93. The stock's 50 day simple moving average is $12.49 and its 200 day simple moving average is $11.28. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, CTO Avital Pardo sold 237,748 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $15.16, for a total transaction of $3,604,259.68. Following the completion of the sale, the chief technology officer now owns 2,401,528 shares in the company, valued at approximately $36,407,164.48. The trade was a 9.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Sanjiv Das sold 31,382 shares of Pagaya Technologies stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $17.15, for a total transaction of $538,201.30. Following the transaction, the president now directly owns 74,435 shares in the company, valued at $1,276,560.25. This represents a 29.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 519,923 shares of company stock worth $7,870,179. 47.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its holdings in Pagaya Technologies by 26.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company's stock worth $17,871,000 after acquiring an additional 359,099 shares during the last quarter. Millennium Management LLC boosted its holdings in Pagaya Technologies by 320.1% during the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company's stock worth $13,230,000 after acquiring an additional 961,944 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Pagaya Technologies by 11.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company's stock worth $653,000 after acquiring an additional 6,365 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Pagaya Technologies by 2,722.3% during the 1st quarter. AQR Capital Management LLC now owns 305,710 shares of the company's stock worth $3,204,000 after acquiring an additional 294,878 shares during the last quarter. Finally, PDT Partners LLC boosted its holdings in Pagaya Technologies by 506.2% during the 1st quarter. PDT Partners LLC now owns 218,168 shares of the company's stock worth $2,286,000 after acquiring an additional 182,177 shares during the last quarter. 57.14% of the stock is owned by hedge funds and other 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.