Pagaya Technologies (NASDAQ:PGY) Stock Price Down 8.3% – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY) fell 8.3% during mid-day trading on Wednesday . The stock traded as low as $13.94 and last traded at $14.02. 1,238,856 shares changed hands during trading, a decline of 68% from the average session volume of 3,847,929 shares. The stock had previously closed at $15.29.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PGY. Jefferies Financial Group cut their price objective on Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Canaccord Genuity Group restated a “buy” rating and set a $32.00 price objective on shares of Pagaya Technologies in a report on Monday, May 18th. Benchmark cut their price objective on Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, May 29th. Finally, Citigroup dropped their target price on Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $33.11.

Pagaya Technologies Stock Down 9.1%

The company has a market cap of $1.15 billion, a price-to-earnings ratio of 12.99 and a beta of 5.35. The company has a current ratio of 12.09, a quick ratio of 12.09 and a debt-to-equity ratio of 1.25. The business has a fifty day moving average price of $13.16 and a two-hundred day moving average price of $17.04.

Pagaya Technologies (NASDAQ:PGY) last issued its earnings results on Sunday, March 22nd. The company reported ($40.85) earnings per share for the quarter. The business had revenue of $91.63 million during the quarter. Pagaya Technologies had a net margin of 7.39% and a return on equity of 44.75%. On average, equities analysts predict that Pagaya Technologies Ltd. will post 2.92 earnings per share for the current year.

Insider Activity at Pagaya Technologies

In related news, President Sanjiv Das sold 9,702 shares of the business’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $10.99, for a total value of $106,624.98. Following the completion of the sale, the president owned 144,034 shares of the company’s stock, valued at approximately $1,582,933.66. The trade was a 6.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Tami Rosen sold 9,720 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $15.14, for a total value of $147,160.80. Following the completion of the sale, the director directly owned 37,544 shares of the company’s stock, valued at approximately $568,416.16. The trade was a 20.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 46,756 shares of company stock valued at $558,738. 47.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pagaya Technologies

Large investors have recently added to or reduced their stakes in the stock. Root Financial Partners LLC bought a new stake in Pagaya Technologies during the fourth quarter worth approximately $27,000. Aster Capital Management DIFC Ltd boosted its position in shares of Pagaya Technologies by 351.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,392 shares of the company’s stock valued at $29,000 after acquiring an additional 1,084 shares during the period. Transamerica Financial Advisors LLC bought a new stake in shares of Pagaya Technologies in the fourth quarter valued at approximately $30,000. Quarry LP boosted its position in shares of Pagaya Technologies by 330.8% in the fourth quarter. Quarry LP now owns 1,663 shares of the company’s stock valued at $35,000 after acquiring an additional 1,277 shares during the period. Finally, LSV Asset Management bought a new stake in shares of Pagaya Technologies in the third quarter valued at approximately $36,000. Institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

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.