Pagaya Technologies (NASDAQ:PGY) Stock Price Down 8.7% – Here’s What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY) fell 8.7% on Monday . The stock traded as low as $23.86 and last traded at $23.7720. 1,061,423 shares were traded during trading, a decline of 62% from the average session volume of 2,767,837 shares. The stock had previously closed at $26.03.

Analyst Upgrades and Downgrades

PGY has been the topic of several research reports. Benchmark reissued a “buy” rating and issued a $48.00 price target on shares of Pagaya Technologies in a research report on Wednesday, October 1st. Canaccord Genuity Group boosted their target price on shares of Pagaya Technologies from $36.00 to $39.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Wall Street Zen downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Keefe, Bruyette & Woods reduced their target price on Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, January 2nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Pagaya Technologies in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Pagaya Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $37.25.

Pagaya Technologies Trading Down 5.0%

The firm’s 50 day moving average is $23.59 and its 200 day moving average is $28.39. The company has a debt-to-equity ratio of 1.16, a current ratio of 11.41 and a quick ratio of 11.41. The company has a market capitalization of $1.99 billion, a PE ratio of -9.27 and a beta of 5.86.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings data on Monday, November 10th. The company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.46. The firm had revenue of $350.17 million for the quarter, compared to analysts’ expectations of $338.86 million. Pagaya Technologies had a negative net margin of 15.32% and a positive return on equity of 31.59%. The company’s revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.44 earnings per share. As a group, equities analysts predict that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Insider Buying and Selling at Pagaya Technologies

In related news, insider Tami Rosen sold 7,561 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $30.73, for a total transaction of $232,349.53. Following the completion of the transaction, the insider owned 37,544 shares in the company, valued at $1,153,727.12. This represents a 16.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Sanjiv Das sold 3,945 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $22.99, for a total value of $90,695.55. Following the completion of the sale, the president directly owned 129,986 shares of the company’s stock, valued at $2,988,378.14. The trade was a 2.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 21,256 shares of company stock valued at $547,198 in the last 90 days. Insiders own 47.59% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Moody National Bank Trust Division increased its position in shares of Pagaya Technologies by 2.4% during the fourth quarter. Moody National Bank Trust Division now owns 28,978 shares of the company’s stock valued at $606,000 after buying an additional 666 shares during the period. Diversified Trust Co. purchased a new position in Pagaya Technologies during the fourth quarter valued at $203,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Pagaya Technologies by 75.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 47,913 shares of the company’s stock worth $1,001,000 after acquiring an additional 20,642 shares during the last quarter. IFP Advisors Inc increased its stake in Pagaya Technologies by 20.7% during the 3rd quarter. IFP Advisors Inc now owns 11,886 shares of the company’s stock valued at $353,000 after purchasing an additional 2,036 shares in the last quarter. Finally, Advisory Services Network LLC raised its holdings in Pagaya Technologies by 23.7% in the 3rd quarter. Advisory Services Network LLC now owns 10,987 shares of the company’s stock worth $326,000 after acquiring an additional 2,105 shares during the last quarter. 57.14% of the stock is owned by hedge funds and other institutional investors.

About Pagaya Technologies

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.