Pagaya Technologies (NASDAQ:PGY) Stock Price Down 4.1% - Time to Sell?

Key Points

• Pagaya Technologies shares fell 4.1% to about $20.75, with trading volume 72% below the average. Despite the decline, the stock remains above its 50-day and 200-day moving averages.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $31.25. Recent targets range from $25 to $36.
• Insiders have been selling shares: company executives and directors sold 96,559 shares worth about $1.93 million over the past 90 days, while institutional investors own 57.14% of the stock.

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) were down 4.1% during trading on Thursday . The stock traded as low as $20.83 and last traded at $20.7450. 996,633 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 3,564,401 shares. The stock had previously closed at $21.64.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PGY shares. Citizens Jmp lifted their price objective on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a "market outperform" rating in a research note on Friday, July 31st. Texas Capital upgraded Pagaya Technologies to a "strong-buy" rating in a research report on Wednesday, June 10th. TD Cowen initiated coverage on shares of Pagaya Technologies in a report on Thursday, September 3rd. They issued a "buy" rating and a $26.00 target price for the company. Weiss Ratings restated a "hold (c-)" rating on shares of Pagaya Technologies in a research report on Monday. Finally, B. Riley Financial boosted their price objective on Pagaya Technologies from $32.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Pagaya Technologies currently has a consensus rating of "Buy" and a consensus price target of $31.25.

Pagaya Technologies Stock Performance

The stock has a 50 day moving average of $20.13 and a 200 day moving average of $15.96. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 15.49 and a beta of 5.35. The company has a quick ratio of 11.08, a current ratio of 11.08 and a debt-to-equity ratio of 1.12.

Insider Transactions at Pagaya Technologies

In other news, Director Tami Rosen sold 28,181 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $21.98, for a total value of $619,418.38. Following the sale, the director directly owned 16,665 shares of the company's stock, valued at approximately $366,296.70. This represents a 62.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Sanjiv Das sold 21,289 shares of Pagaya Technologies stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $22.00, for a total transaction of $468,358.00. Following the transaction, the president directly owned 144,186 shares of the company's stock, valued at $3,172,092. This represents a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 96,559 shares of company stock worth $1,925,537. Company insiders own 41.99% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Empowered Funds LLC raised its holdings in shares of Pagaya Technologies by 4,562.7% during the first quarter. Empowered Funds LLC now owns 116,661 shares of the company's stock valued at $1,359,000 after purchasing an additional 114,159 shares during the period. SPX Gestao de Recursos Ltda grew its stake in shares of Pagaya Technologies by 49.7% in the 1st quarter. SPX Gestao de Recursos Ltda now owns 180,100 shares of the company's stock valued at $2,098,000 after buying an additional 59,800 shares during the period. SG Americas Securities LLC bought a new stake in Pagaya Technologies in the 1st quarter valued at about $1,426,000. Edgestream Partners L.P. increased its position in Pagaya Technologies by 353.2% in the 1st quarter. Edgestream Partners L.P. now owns 373,771 shares of the company's stock valued at $4,354,000 after buying an additional 291,291 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in Pagaya Technologies by 357.4% in the first quarter. Quantinno Capital Management LP now owns 77,324 shares of the company's stock worth $901,000 after acquiring an additional 60,418 shares in the last quarter. 57.14% of the stock is owned by institutional investors and hedge funds.

About Pagaya Technologies

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company's Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.

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