Pagaya Technologies (NASDAQ:PGY) Shares Gap Down – Here’s What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY) gapped down before the market opened on Friday . The stock had previously closed at $9.08, but opened at $8.67. Pagaya Technologies shares last traded at $8.70, with a volume of 789,832 shares changing hands.

Wall Street Analysts Forecast Growth

PGY has been the topic of several analyst reports. UBS Group started coverage on shares of Pagaya Technologies in a report on Friday, December 20th. They issued a “neutral” rating and a $11.00 target price on the stock. Oppenheimer assumed coverage on Pagaya Technologies in a report on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 target price on the stock. Benchmark reaffirmed a “buy” rating and set a $21.00 price target on shares of Pagaya Technologies in a report on Wednesday, October 16th. Canaccord Genuity Group reduced their price objective on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Finally, B. Riley lowered their target price on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Pagaya Technologies currently has an average rating of “Moderate Buy” and an average price target of $20.00.

Pagaya Technologies Stock Performance

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a market capitalization of $634.95 million, a price-to-earnings ratio of -3.39 and a beta of 6.11. The stock has a 50-day moving average of $10.17 and a 200 day moving average of $11.77.

Insider Buying and Selling at Pagaya Technologies

In related news, insider Tami Rosen sold 21,547 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $214,823.59. Following the completion of the sale, the insider now owns 73,550 shares in the company, valued at $733,293.50. This represents a 22.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Evangelos Perros sold 21,305 shares of Pagaya Technologies stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $212,410.85. Following the transaction, the chief financial officer now owns 54,029 shares in the company, valued at approximately $538,669.13. This represents a 28.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 235,107 shares of company stock valued at $3,245,015. 49.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. raised its holdings in Pagaya Technologies by 4,374.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock worth $3,296,000 after buying an additional 304,890 shares during the period. Centiva Capital LP acquired a new stake in shares of Pagaya Technologies during the third quarter worth $617,000. Yarra Square Partners LP lifted its position in Pagaya Technologies by 29.9% in the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock valued at $7,903,000 after acquiring an additional 142,500 shares in the last quarter. Millennium Management LLC increased its holdings in Pagaya Technologies by 455.9% during the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after purchasing an additional 179,235 shares in the last quarter. Finally, Rhumbline Advisers acquired a new position in shares of Pagaya Technologies during the second quarter worth about $781,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

About Pagaya Technologies

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.