Pagaya Technologies (NASDAQ:PGY) Shares Gap Down - What's Next?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $11.84, but opened at $11.35. Pagaya Technologies shares last traded at $11.45, with a volume of 240,381 shares traded.

Analysts Set New Price Targets

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

Pagaya Technologies Trading Up 9.6 %

The stock has a market cap of $928.42 million, a price-to-earnings ratio of -2.24 and a beta of 5.88. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The company's fifty day moving average price is $10.56 and its 200-day moving average price is $10.71.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.32). Pagaya Technologies had a negative net margin of 39.20% and a positive return on equity of 0.82%. The business had revenue of $279.39 million during the quarter, compared to analyst estimates of $264.28 million. During the same quarter in the previous year, the company posted $0.24 EPS. On average, research analysts expect that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, President Sanjiv Das sold 12,789 shares of the business's stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $9.35, for a total value of $119,577.15. Following the completion of the sale, the president now directly owns 105,817 shares in the company, valued at approximately $989,388.95. The trade was a 10.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tami Rosen sold 9,846 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $12.18, for a total transaction of $119,924.28. Following the sale, the insider now directly owns 73,550 shares of the company's stock, valued at approximately $895,839. This trade represents a 11.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,004 shares of company stock worth $770,036. 49.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC purchased a new position in Pagaya Technologies during the 3rd quarter worth approximately $223,000. Tidal Investments LLC raised its holdings in Pagaya Technologies by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 41,322 shares of the company's stock valued at $437,000 after acquiring an additional 1,826 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Pagaya Technologies by 502.5% in the third quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company's stock valued at $1,610,000 after acquiring an additional 127,012 shares during the period. Nisa Investment Advisors LLC acquired a new stake in shares of Pagaya Technologies in the 4th quarter valued at $57,000. Finally, R Squared Ltd bought a new position in Pagaya Technologies in the 4th quarter valued at $30,000. 57.14% of the stock is currently owned by institutional investors and hedge funds.

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.