Pagaya Technologies (NASDAQ:PGY) Trading Down 8.3% – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price fell 8.3% during trading on Wednesday . The stock traded as low as $13.94 and last traded at $14.02. 1,238,856 shares were traded during mid-day trading, a decline of 68% from the average session volume of 3,847,929 shares. The stock had previously closed at $15.29.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PGY. Citigroup dropped their target price on shares of Pagaya Technologies from $40.00 to $32.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Benchmark decreased their price target on shares of Pagaya Technologies from $48.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Jefferies Financial Group decreased their price target on shares of Pagaya Technologies from $35.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Weiss Ratings lowered shares of Pagaya Technologies from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, April 24th. Finally, Zacks Research upgraded shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Pagaya Technologies currently has an average rating of “Buy” and a consensus price target of $33.11.

Pagaya Technologies Stock Performance

The company has a quick ratio of 12.09, a current ratio of 12.09 and a debt-to-equity ratio of 1.25. The company has a market cap of $1.28 billion, a PE ratio of 14.45 and a beta of 5.35. The business’s fifty day moving average is $13.39 and its 200-day moving average is $16.84.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Sunday, March 22nd. The company reported ($40.85) earnings per share (EPS) for the quarter. The business had revenue of $91.63 million during the quarter. Pagaya Technologies had a return on equity of 44.75% and a net margin of 7.39%. As a group, research analysts predict that Pagaya Technologies Ltd. will post 2.92 EPS for the current fiscal year.

Insider Activity

In other Pagaya Technologies news, CAO Cory Vieira sold 2,140 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $15.01, for a total transaction of $32,121.40. Following the sale, the chief accounting officer owned 18,179 shares in the company, valued at approximately $272,866.79. This trade represents a 10.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Sanjiv Das sold 9,702 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $10.99, for a total transaction of $106,624.98. Following the sale, the president owned 144,034 shares in the company, valued at approximately $1,582,933.66. The trade was a 6.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,896 shares of company stock worth $590,859 in the last quarter. 47.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pagaya Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGY. BNP Paribas Financial Markets raised its position in shares of Pagaya Technologies by 1,231.6% during the second quarter. BNP Paribas Financial Markets now owns 1,200,348 shares of the company’s stock valued at $25,591,000 after buying an additional 1,110,208 shares during the last quarter. Millennium Management LLC raised its position in shares of Pagaya Technologies by 320.1% during the first 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 during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Pagaya Technologies by 221.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,379,550 shares of the company’s stock valued at $28,833,000 after buying an additional 950,443 shares during the last quarter. Marshall Wace LLP raised its position in shares of Pagaya Technologies by 1,556.3% during the third quarter. Marshall Wace LLP now owns 672,008 shares of the company’s stock valued at $19,952,000 after buying an additional 631,435 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Pagaya Technologies by 141.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,029,081 shares of the company’s stock valued at $12,040,000 after buying an additional 602,992 shares during the last quarter. Institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

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.