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

Pagaya Technologies Ltd. (NASDAQ:PGY) gapped down before the market opened on Monday . The stock had previously closed at $24.95, but opened at $23.62. Pagaya Technologies shares last traded at $24.3450, with a volume of 509,485 shares changing hands.

Analysts Set New Price Targets

A number of analysts have commented on PGY shares. Canaccord Genuity Group upped their price target on Pagaya Technologies from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Tuesday, November 11th. Wall Street Zen raised shares of Pagaya Technologies from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 15th. JMP Securities lifted their price target on shares of Pagaya Technologies from $26.00 to $35.00 and gave the company a “market outperform” rating in a report on Monday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Pagaya Technologies in a research report on Tuesday, October 14th. Finally, Zacks Research downgraded shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Pagaya Technologies currently has an average rating of “Moderate Buy” and an average target price of $34.67.

Pagaya Technologies Trading Down 2.6%

The stock has a market cap of $1.95 billion, a P/E ratio of -9.12 and a beta of 5.84. The company has a debt-to-equity ratio of 1.16, a quick ratio of 11.41 and a current ratio of 11.41. The stock’s fifty day moving average is $27.81 and its 200 day moving average is $27.09.

Insider Buying and Selling at Pagaya Technologies

In related news, insider Tami Rosen sold 15,026 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $30.73, for a total transaction of $461,748.98. Following the transaction, the insider directly owned 28,181 shares in the company, valued at approximately $866,002.13. This represents a 34.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Evangelos Perros sold 14,356 shares of the stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $37.34, for a total transaction of $536,053.04. Following the completion of the sale, the chief financial officer directly owned 59,079 shares in the company, valued at $2,206,009.86. This trade represents a 19.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 95,081 shares of company stock worth $3,475,010 over the last quarter. Insiders own 47.59% of the company’s stock.

Institutional Investors Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PGY. Goldman Sachs Group Inc. lifted its position in shares of Pagaya Technologies by 26.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock worth $17,871,000 after purchasing an additional 359,099 shares during the last quarter. Two Sigma Investments LP increased its stake in Pagaya Technologies by 5.2% in the 3rd quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock worth $43,127,000 after buying an additional 71,639 shares during the period. JPMorgan Chase & Co. lifted its holdings in Pagaya Technologies by 436.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company’s stock valued at $29,534,000 after buying an additional 1,127,242 shares in the last quarter. Millennium Management LLC lifted its holdings in Pagaya Technologies by 320.1% during the 1st quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock valued at $13,230,000 after buying an additional 961,944 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Pagaya Technologies by 0.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,204,362 shares of the company’s stock valued at $35,758,000 after buying an additional 4,014 shares during the period. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

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.