Pagaya Technologies (NASDAQ:PGY) Stock Price Down 5.6% – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price was down 5.6% during mid-day trading on Wednesday . The stock traded as low as $20.24 and last traded at $20.0090. Approximately 975,475 shares were traded during mid-day trading, a decline of 74% from the average session volume of 3,797,082 shares. The stock had previously closed at $21.20.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PGY shares. Texas Capital raised Pagaya Technologies to a “strong-buy” rating in a report on Wednesday, June 10th. Citizens Jmp boosted their target price on Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, July 31st. Weiss Ratings upgraded shares of Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 18th. Canaccord Genuity Group raised their target price on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, B. Riley Financial upped their price target on shares of Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Pagaya Technologies has an average rating of “Buy” and an average price target of $32.43.

Pagaya Technologies Stock Performance

The company has a 50-day moving average of $17.51 and a 200-day moving average of $14.90. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 15.78 and a beta of 5.33. The company has a current ratio of 11.08, a quick ratio of 11.08 and a debt-to-equity ratio of 1.12.

Insider Buying and Selling at Pagaya Technologies

In other news, CAO Cory Vieira sold 2,140 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the transaction, the chief accounting officer directly owned 18,179 shares of the company’s stock, valued at approximately $272,866.79. This represents a 10.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Tami Rosen sold 28,181 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $21.98, for a total value of $619,418.38. Following the sale, the director owned 16,665 shares in the company, valued at $366,296.70. The trade was a 62.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 107,560 shares of company stock worth $2,011,541. 41.99% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PGY. Empowered Funds LLC grew its position in Pagaya Technologies by 4,562.7% in the 1st quarter. Empowered Funds LLC now owns 116,661 shares of the company’s stock valued at $1,359,000 after buying an additional 114,159 shares in the last quarter. SPX Gestao de Recursos Ltda lifted its holdings in shares of Pagaya Technologies by 49.7% in the first 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 position in Pagaya Technologies during the first quarter valued at about $1,426,000. Watershed Asset Management L.L.C. acquired a new position in Pagaya Technologies during the first quarter worth about $463,000. Finally, Q Global Advisors LLC raised its position in Pagaya Technologies by 324.8% in the first quarter. Q Global Advisors LLC now owns 537,551 shares of the company’s stock worth $6,262,000 after acquiring an additional 410,996 shares in the last quarter. 57.14% of the stock is currently owned by 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.