Canaccord Genuity Group Has Lowered Expectations for Pagaya Technologies (NASDAQ:PGY) Stock Price

Pagaya Technologies (NASDAQ:PGY) had its price target trimmed by Canaccord Genuity Group from $32.00 to $25.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts also recently issued reports about the stock. JMP Securities reissued a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Oppenheimer assumed coverage on Pagaya Technologies in a research report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price target on the stock. Wedbush restated a “neutral” rating and set a $13.00 price objective on shares of Pagaya Technologies in a research report on Monday, August 12th. B. Riley dropped their target price on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Finally, Benchmark restated a “buy” rating and set a $21.00 price target on shares of Pagaya Technologies in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $22.11.

Pagaya Technologies Stock Performance

Pagaya Technologies stock opened at $8.81 on Wednesday. Pagaya Technologies has a fifty-two week low of $8.56 and a fifty-two week high of $20.50. The firm’s 50 day simple moving average is $11.57 and its 200-day simple moving average is $12.32. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.50. The company has a market cap of $632.69 million, a P/E ratio of -3.47 and a beta of 6.33.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, insider Tami Rosen sold 17,570 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $12.06, for a total value of $211,894.20. Following the completion of the sale, the insider now owns 73,516 shares of the company’s stock, valued at $886,602.96. The trade was a 19.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Yahav Yulzari purchased 23,600 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $10.52 per share, with a total value of $248,272.00. Following the purchase, the insider now owns 311,637 shares in the company, valued at $3,278,421.24. This represents a 8.19 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 186,045 shares of company stock valued at $2,755,982. 49.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pagaya Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGY. ARK Investment Management LLC raised its position in shares of Pagaya Technologies by 36.2% in the second quarter. ARK Investment Management LLC now owns 221,810 shares of the company’s stock valued at $2,830,000 after purchasing an additional 58,939 shares during the period. Sei Investments Co. acquired a new position in Pagaya Technologies in the 1st quarter valued at $1,101,000. Yarra Square Partners LP raised its holdings in Pagaya Technologies by 29.9% in the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock worth $7,903,000 after acquiring an additional 142,500 shares during the period. Millennium Management LLC lifted its position in Pagaya Technologies by 455.9% during the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after acquiring an additional 179,235 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in Pagaya Technologies during the 2nd quarter worth $781,000. 57.14% of the stock is currently 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.