Pagaya Technologies (NASDAQ:PGY) Trading Down 6.8% - Time to Sell?

Key Points

• Pagaya Technologies (NASDAQ:PGY) saw its stock price decline by 6.8% to $32.28 amid lower trading volume.
• Wall Street analysts show a generally optimistic outlook with eight analysts rating the stock as "Buy" and a consensus price target of $34.33.
• Recent insider selling activity has been notable, with executives like Tami Rosen and CFO Evangelos Perros significantly reducing their shares in the company.

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price was down 6.8% during trading on Monday . The company traded as low as $32.36 and last traded at $32.28. Approximately 1,795,738 shares were traded during trading, a decline of 35% from the average daily volume of 2,780,788 shares. The stock had previously closed at $34.64.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PGY. JMP Securities lifted their target price on Pagaya Technologies from $26.00 to $35.00 and gave the stock a "market outperform" rating in a report on Monday, August 11th. Stephens initiated coverage on Pagaya Technologies in a report on Thursday, June 12th. They issued an "overweight" rating and a $22.00 target price on the stock. Wall Street Zen cut Pagaya Technologies from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 30th. Benchmark boosted their price objective on Pagaya Technologies from $42.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Keefe, Bruyette & Woods boosted their target price on Pagaya Technologies from $27.00 to $38.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Pagaya Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $34.33.

Pagaya Technologies Trading Down 7.9%

The stock has a market cap of $2.44 billion, a price-to-earnings ratio of -8.33 and a beta of 5.96. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.42 and a quick ratio of 1.42. The business's 50 day moving average is $34.60 and its 200 day moving average is $22.00.

Insider Activity

In other Pagaya Technologies news, insider Tami Rosen sold 14,645 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $22.57, for a total transaction of $330,537.65. Following the transaction, the insider directly owned 49,440 shares in the company, valued at approximately $1,115,860.80. This represents a 22.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Evangelos Perros sold 14,356 shares of the company's stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $37.34, for a total transaction of $536,053.04. Following the transaction, the chief financial officer directly owned 59,079 shares in the company, valued at $2,206,009.86. The trade was a 19.55% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 129,749 shares of company stock valued at $4,098,473. 47.59% of the stock is owned by insiders.

Institutional Trading of Pagaya Technologies

Several large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in Pagaya Technologies by 9.7% during the 4th quarter. Bank of America Corp DE now owns 144,097 shares of the company's stock valued at $1,339,000 after purchasing an additional 12,760 shares during the last quarter. ProShare Advisors LLC bought a new position in shares of Pagaya Technologies in the fourth quarter worth about $94,000. Jefferies Financial Group Inc. bought a new position in shares of Pagaya Technologies in the fourth quarter worth about $93,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Pagaya Technologies in the fourth quarter worth about $105,000. Finally, California State Teachers Retirement System grew its position in shares of Pagaya Technologies by 5.4% during the 4th quarter. California State Teachers Retirement System now owns 35,771 shares of the company's stock worth $332,000 after buying an additional 1,848 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.