Pagaya Technologies (NASDAQ:PGY) Shares Down 10.8% – Should You Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY) dropped 10.8% during trading on Wednesday . The company traded as low as $19.08 and last traded at $18.52. Approximately 797,983 shares changed hands during trading, a decline of 77% from the average daily volume of 3,532,915 shares. The stock had previously closed at $20.77.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PGY shares. Canaccord Genuity Group upped their target price on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. B. Riley Financial lifted their price target on Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Citizens Jmp boosted their price objective on Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Friday, July 31st. TD Cowen began coverage on Pagaya Technologies in a report on Thursday, September 3rd. They issued a “buy” rating and a $26.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Pagaya Technologies in a research note on Monday, September 14th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pagaya Technologies has a consensus rating of “Buy” and an average price target of $31.25.

Pagaya Technologies Stock Performance

The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 13.76 and a beta of 5.35. The company has a debt-to-equity ratio of 1.12, a quick ratio of 11.08 and a current ratio of 11.08. The firm’s 50 day simple moving average is $20.35 and its 200-day simple moving average is $16.22.

Insider Transactions at Pagaya Technologies

In other news, Director Tami Rosen sold 28,181 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $21.98, for a total value of $619,418.38. Following the completion of the sale, the director directly owned 16,665 shares of the company’s stock, valued at $366,296.70. This represents a 62.84% 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 this link. Also, President Sanjiv Das sold 21,289 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $22.00, for a total transaction of $468,358.00. Following the sale, the president owned 144,186 shares of the company’s stock, valued at approximately $3,172,092. This represents a 12.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 95,119 shares of company stock worth $1,947,700 in the last quarter. 41.99% of the stock is owned by corporate insiders.

Institutional Trading of Pagaya Technologies

A number of institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in Pagaya Technologies by 141.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company’s stock worth $12,040,000 after acquiring an additional 602,992 shares in the last quarter. Q Global Advisors LLC raised its holdings in Pagaya Technologies by 324.8% during the first quarter. Q Global Advisors LLC now owns 537,551 shares of the company’s stock valued at $6,262,000 after buying an additional 410,996 shares in the last quarter. Squarepoint Ops LLC lifted its position in shares of Pagaya Technologies by 614.7% in the second quarter. Squarepoint Ops LLC now owns 252,036 shares of the company’s stock worth $4,600,000 after buying an additional 216,770 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Pagaya Technologies by 211.0% during the 1st quarter. Principal Financial Group Inc. now owns 375,212 shares of the company’s stock worth $4,371,000 after acquiring an additional 254,550 shares in the last quarter. Finally, Edgestream Partners L.P. increased its holdings in shares of Pagaya Technologies by 353.2% during the 1st quarter. Edgestream Partners L.P. now owns 373,771 shares of the company’s stock valued at $4,354,000 after acquiring an additional 291,291 shares during the last quarter. Institutional investors and hedge funds own 57.14% of the company’s stock.

About Pagaya Technologies

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company’s Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.