Pagaya Technologies (NASDAQ:PGY) Shares Down 10% – Should You Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY) dropped 10% during trading on Tuesday . The stock traded as low as $10.62 and last traded at $10.44. Approximately 618,417 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 2,852,729 shares. The stock had previously closed at $11.60.

Analyst Ratings Changes

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

Pagaya Technologies Trading Down 5.6 %

The business has a 50 day simple moving average of $10.92 and a 200 day simple moving average of $11.18. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market cap of $806.16 million, a price-to-earnings ratio of -2.01 and a beta of 6.09.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.32). Pagaya Technologies had a negative net margin of 39.20% and a positive return on equity of 0.82%. The company had revenue of $279.39 million during the quarter, compared to analyst estimates of $264.28 million. During the same quarter in the previous year, the business posted $0.24 EPS. As a group, equities analysts forecast that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Insider Buying and Selling

In related news, President Sanjiv Das sold 6,343 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $63,239.71. Following the transaction, the president now owns 75,528 shares of the company’s stock, valued at $753,014.16. This trade represents a 7.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tami Rosen sold 35,369 shares of the stock in a transaction dated Thursday, February 13th. The stock was 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 owns 38,181 shares of the company’s stock, valued at $572,715. This trade represents a 48.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,692 shares of company stock worth $1,205,379 over the last three months. 49.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

Institutional investors have recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC bought a new position in Pagaya Technologies during the fourth quarter worth $28,070,000. Point72 Asset Management L.P. grew its stake in Pagaya Technologies by 284.3% during the fourth quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company’s stock worth $11,133,000 after buying an additional 886,539 shares in the last quarter. Two Sigma Investments LP raised its position in Pagaya Technologies by 359.6% during the fourth quarter. Two Sigma Investments LP now owns 826,119 shares of the company’s stock valued at $7,675,000 after purchasing an additional 646,357 shares in the last quarter. State Street Corp raised its stake in Pagaya Technologies by 14.6% during the third quarter. State Street Corp now owns 763,823 shares of the company’s stock worth $8,074,000 after acquiring an additional 97,135 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Pagaya Technologies by 310.6% during the 4th quarter. JPMorgan Chase & Co. now owns 625,351 shares of the company’s stock valued at $5,810,000 after purchasing an additional 473,063 shares during the last quarter. 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.