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

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $16.50, but opened at $15.41. Pagaya Technologies shares last traded at $16.85, with a volume of 1,737,426 shares.

Analysts Set New Price Targets

PGY has been the subject of several research reports. Canaccord Genuity Group restated a “buy” rating and set a $25.00 price target on shares of Pagaya Technologies in a report on Thursday, February 13th. Citigroup raised shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the company from $13.00 to $14.50 in a research note on Friday, February 7th. UBS Group assumed coverage on shares of Pagaya Technologies in a research note on Friday, December 20th. They issued a “neutral” rating and a $11.00 price target on the stock. Finally, JMP Securities lifted their price objective on Pagaya Technologies from $25.00 to $26.00 and gave the company a “market outperform” rating in a research report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.17.

Pagaya Technologies Stock Performance

The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -2.98 and a beta of 6.09. The firm’s 50-day moving average price is $10.26 and its two-hundred day moving average price is $11.16. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17.

Pagaya Technologies (NASDAQ:PGY) last issued its earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.32). The company had revenue of $279.39 million during the quarter, compared to analyst estimates of $264.28 million. Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. During the same period in the previous year, the company posted $0.24 earnings per share. Sell-side analysts predict that Pagaya Technologies Ltd. will post 0.82 earnings per share for the current year.

Insider Buying and Selling at Pagaya Technologies

In other news, President Sanjiv Das sold 7,282 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.85, for a total value of $64,445.70. Following the sale, the president now directly owns 91,163 shares of the company’s stock, valued at approximately $806,792.55. This represents a 7.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tami Rosen sold 35,369 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $15.00, for a total value of $530,535.00. Following the completion of the sale, the insider now directly owns 38,181 shares of the company’s stock, valued at approximately $572,715. The trade was a 48.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,692 shares of company stock worth $1,205,379. Company insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in Pagaya Technologies by 502.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company’s stock valued at $1,610,000 after buying an additional 127,012 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Pagaya Technologies by 4,374.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after purchasing an additional 304,890 shares in the last quarter. Centiva Capital LP acquired a new position in shares of Pagaya Technologies during the 3rd quarter worth $617,000. Charles Schwab Investment Management Inc. lifted its position in shares of Pagaya Technologies by 17.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company’s stock worth $1,184,000 after buying an additional 16,533 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Pagaya Technologies in the third quarter valued at about $787,000. 57.14% of the stock is owned by institutional investors and hedge funds.

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.