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

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $18.46, but opened at $17.50. Pagaya Technologies shares last traded at $17.67, with a volume of 731,046 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PGY. Stephens initiated coverage on Pagaya Technologies in a research report on Thursday. They set an "overweight" rating and a $22.00 price target on the stock. Benchmark reissued a "buy" rating and set a $25.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, B. Riley restated a "buy" rating and issued a $36.00 price target on shares of Pagaya Technologies in a research note on Monday, March 17th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $20.75.

Pagaya Technologies Stock Performance

The company has a fifty day moving average of $13.45 and a two-hundred day moving average of $11.64. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of -3.39 and a beta of 5.93. 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 Transactions at Pagaya Technologies

In other news, insider Yahav Yulzari sold 238,004 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $15.16, for a total transaction of $3,608,140.64. Following the completion of the sale, the insider now directly owns 4,346,141 shares in the company, valued at approximately $65,887,497.56. This represents a 5.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Avital Pardo sold 4,939 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $19.01, for a total value of $93,890.39. Following the sale, the chief technology officer now directly owns 1,110,220 shares in the company, valued at approximately $21,105,282.20. This trade represents a 0.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 667,033 shares of company stock valued at $10,624,230. 47.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PGY. Virtus Advisers LLC bought a new position in Pagaya Technologies in the 1st quarter valued at about $35,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Pagaya Technologies during the 4th quarter worth approximately $43,000. GAMMA Investing LLC increased its stake in Pagaya Technologies by 5,431.3% in the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company's stock valued at $46,000 after acquiring an additional 4,345 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Pagaya Technologies during the fourth quarter valued at approximately $67,000. Finally, Jefferies Financial Group Inc. bought a new stake in Pagaya Technologies during the fourth quarter worth $93,000. Institutional investors and hedge funds own 57.14% of the company's stock.

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.