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

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price gapped down before the market opened on Monday . The stock had previously closed at $9.65, but opened at $9.25. Pagaya Technologies shares last traded at $8.99, with a volume of 512,663 shares traded.

Analyst Ratings Changes

Several brokerages have issued reports on PGY. Benchmark restated a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a report on Wednesday, October 16th. Canaccord Genuity Group cut their price objective on shares of Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. JMP Securities reissued a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. UBS Group initiated coverage on shares of Pagaya Technologies in a research report on Friday, December 20th. They set a “neutral” rating and a $11.00 price target on the stock. Finally, Oppenheimer began coverage on Pagaya Technologies in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Pagaya Technologies Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $686.47 million, a PE ratio of -3.67 and a beta of 6.11. The firm has a 50-day moving average price of $10.58 and a 200 day moving average price of $11.93.

Insiders Place Their Bets

In related news, insider Tami Rosen sold 7,659 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $12.00, for a total transaction of $91,908.00. Following the completion of the sale, the insider now owns 65,857 shares in the company, valued at $790,284. The trade was a 10.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yahav Yulzari sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $15.50, for a total value of $2,325,000.00. Following the completion of the transaction, the insider now directly owns 161,637 shares of the company’s stock, valued at $2,505,373.50. This trade represents a 48.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 186,045 shares of company stock worth $2,755,982 in the last ninety days. 49.56% of the stock is owned by corporate insiders.

Institutional Trading of Pagaya Technologies

Institutional investors have recently modified their holdings of the stock. Tidal Investments LLC lifted its stake in Pagaya Technologies by 4.6% in the third quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock valued at $437,000 after buying an additional 1,826 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Pagaya Technologies by 13.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock valued at $176,000 after acquiring an additional 1,937 shares during the period. BNP Paribas Financial Markets boosted its stake in Pagaya Technologies by 48.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock worth $103,000 after purchasing an additional 3,181 shares during the period. nVerses Capital LLC purchased a new position in Pagaya Technologies during the 2nd quarter worth $74,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Pagaya Technologies in the second quarter valued at $166,000. Hedge funds and other institutional investors own 57.14% of the company’s stock.

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.