Pagaya Technologies (NASDAQ:PGY) Shares Down 8.7% – Here’s What Happened

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) were down 8.7% during trading on Monday . The company traded as low as $23.86 and last traded at $23.7720. Approximately 1,061,423 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 2,767,837 shares. The stock had previously closed at $26.03.

Analyst Ratings Changes

PGY has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their price objective on shares of Pagaya Technologies from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday, November 11th. Zacks Research raised Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, January 2nd. Benchmark restated a “buy” rating and issued a $48.00 price target on shares of Pagaya Technologies in a research note on Wednesday, October 1st. Wall Street Zen lowered Pagaya Technologies from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Finally, Keefe, Bruyette & Woods reduced their price objective on Pagaya Technologies from $38.00 to $35.00 and set an “outperform” rating for the company in a research report on Friday, January 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.25.

Pagaya Technologies Stock Down 2.0%

The company’s 50 day moving average price is $23.51 and its two-hundred day moving average price is $28.41. The company has a current ratio of 11.41, a quick ratio of 11.41 and a debt-to-equity ratio of 1.16. The firm has a market cap of $1.91 billion, a PE ratio of -8.88 and a beta of 5.86.

Pagaya Technologies (NASDAQ:PGY) last announced its earnings results on Monday, November 10th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.46. Pagaya Technologies had a positive return on equity of 31.59% and a negative net margin of 15.32%.The company had revenue of $350.17 million for the quarter, compared to analysts’ expectations of $338.86 million. During the same period last year, the firm earned $0.44 EPS. Pagaya Technologies’s revenue for the quarter was up 36.3% compared to the same quarter last year. On average, equities research analysts expect that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Insider Activity

In related news, CFO Evangelos Perros sold 9,750 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $22.99, for a total transaction of $224,152.50. Following the completion of the transaction, the chief financial officer directly owned 100,212 shares in the company, valued at approximately $2,303,873.88. The trade was a 8.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Tami Rosen sold 7,561 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $30.73, for a total transaction of $232,349.53. Following the completion of the sale, the insider directly owned 37,544 shares of the company’s stock, valued at $1,153,727.12. This represents a 16.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 21,256 shares of company stock valued at $547,198 in the last ninety days. Corporate insiders own 47.59% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PGY. G2 Investment Partners Management LLC purchased a new position in shares of Pagaya Technologies during the second quarter valued at about $5,403,000. Counterpoint Mutual Funds LLC bought a new position in Pagaya Technologies during the second quarter valued at approximately $857,000. Jump Financial LLC grew its holdings in Pagaya Technologies by 509.6% during the 2nd quarter. Jump Financial LLC now owns 672,635 shares of the company’s stock valued at $14,341,000 after buying an additional 562,294 shares in the last quarter. Walleye Capital LLC purchased a new position in Pagaya Technologies during the 2nd quarter valued at approximately $2,027,000. Finally, Hamilton Lane Advisors LLC bought a new stake in Pagaya Technologies in the 3rd quarter worth approximately $12,097,000. Hedge funds and other institutional investors own 57.14% of the company’s stock.

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.