Pagaya Technologies (NASDAQ:PGY) Shares Down 7.1% – Time to Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price fell 7.1% during mid-day trading on Friday . The stock traded as low as $10.80 and last traded at $10.74. 309,764 shares changed hands during trading, a decline of 82% from the average session volume of 1,689,881 shares. The stock had previously closed at $11.56.

Analyst Upgrades and Downgrades

PGY has been the subject of a number of research reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a report on Thursday, February 13th. B. Riley reaffirmed a “buy” rating and set a $36.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. Citigroup raised Pagaya Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $13.00 to $14.50 in a research report on Friday, February 7th. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, JMP Securities increased their price target on Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.61.

Pagaya Technologies Trading Down 9.9 %

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The company has a market cap of $784.38 million, a price-to-earnings ratio of -1.91 and a beta of 5.98. The business has a fifty day simple moving average of $11.51 and a 200 day simple moving average of $10.93.

Pagaya Technologies (NASDAQ:PGY) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.32). Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. The company had revenue of $279.39 million for the quarter, compared to analysts’ expectations of $264.28 million. During the same period in the prior year, the firm posted $0.24 EPS. On average, equities analysts anticipate that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Insider Activity at Pagaya Technologies

In other news, CFO Evangelos Perros sold 21,305 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $212,410.85. Following the completion of the transaction, the chief financial officer now directly owns 54,029 shares of the company’s stock, valued at $538,669.13. This trade represents a 28.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Sanjiv Das sold 6,343 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $63,239.71. Following the completion of the sale, the president now directly owns 75,528 shares in the company, valued at approximately $753,014.16. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,692 shares of company stock valued at $1,205,379 in the last ninety days. Corporate insiders own 49.56% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Hedge funds have recently bought and sold shares of the stock. R Squared Ltd acquired a new stake in shares of Pagaya Technologies during the fourth quarter valued at $30,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Pagaya Technologies in the 4th quarter valued at about $43,000. Nisa Investment Advisors LLC acquired a new stake in shares of Pagaya Technologies during the 4th quarter worth about $57,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Pagaya Technologies during the 4th quarter worth about $67,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Pagaya Technologies in the fourth quarter valued at approximately $93,000. Hedge funds and other institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

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.