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

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $31.31, but opened at $30.20. Pagaya Technologies shares last traded at $30.91, with a volume of 1,343,588 shares traded.

Analysts Set New Price Targets

PGY has been the topic of several research reports. Citigroup raised their price objective on Pagaya Technologies from $16.50 to $40.00 and gave the stock a "buy" rating in a report on Monday. JMP Securities reiterated a "market outperform" rating and set a $26.00 target price on shares of Pagaya Technologies in a research note on Tuesday, June 24th. Wall Street Zen upgraded shares of Pagaya Technologies from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Stephens initiated coverage on shares of Pagaya Technologies in a research note on Thursday, June 12th. They set an "overweight" rating and a $22.00 target price for the company. Finally, Benchmark increased their target price on shares of Pagaya Technologies from $25.00 to $42.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Pagaya Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $26.70.

Pagaya Technologies Price Performance

The company's 50-day moving average price is $20.12 and its two-hundred day moving average price is $14.17. The company has a market cap of $2.50 billion, a P/E ratio of -6.51 and a beta of 5.93. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.82.

Insider Buying and Selling

In related news, insider Tami Rosen sold 13,821 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $21.85, for a total transaction of $301,988.85. Following the completion of the sale, the insider directly owned 35,619 shares of the company's stock, valued at $778,275.15. This 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 available at the SEC website. Also, CFO Evangelos Perros sold 12,755 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $22.57, for a total transaction of $287,880.35. Following the completion of the sale, the chief financial officer owned 82,870 shares of the company's stock, valued at approximately $1,870,375.90. This trade represents a 13.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,353,907 shares of company stock worth $24,585,322. Company insiders own 47.59% of the company's stock.

Institutional Trading of Pagaya Technologies

Large investors have recently added to or reduced their stakes in the business. Swiss National Bank boosted its holdings in shares of Pagaya Technologies by 8.9% during the 4th quarter. Swiss National Bank now owns 75,583 shares of the company's stock worth $702,000 after buying an additional 6,200 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of Pagaya Technologies by 21.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 22,828 shares of the company's stock valued at $212,000 after buying an additional 3,965 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of Pagaya Technologies by 20.6% in the 4th quarter. Quantbot Technologies LP now owns 89,796 shares of the company's stock valued at $834,000 after buying an additional 15,358 shares in the last quarter. American Century Companies Inc. acquired a new stake in shares of Pagaya Technologies during the 4th quarter worth about $382,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Pagaya Technologies during the 4th quarter worth about $67,000. 57.14% of the stock is owned by 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.