Pagaya Technologies (NASDAQ:PGY) Shares Down 4.8%

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price fell 4.8% during mid-day trading on Tuesday . The company traded as low as $12.57 and last traded at $12.69. 40,526 shares were traded during trading, a decline of 97% from the average session volume of 1,162,511 shares. The stock had previously closed at $13.33.

Analyst Ratings Changes

A number of brokerages recently issued reports on PGY. Canaccord Genuity Group reiterated a “buy” rating and set a $42.00 price objective on shares of Pagaya Technologies in a research note on Thursday, May 9th. JMP Securities restated a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Friday, June 7th. Keefe, Bruyette & Woods assumed coverage on Pagaya Technologies in a research note on Monday, June 17th. They issued an “outperform” rating and a $23.00 price target for the company. Citigroup assumed coverage on Pagaya Technologies in a research note on Friday, May 24th. They issued a “neutral” rating and a $14.00 price target for the company. Finally, Wedbush dropped their price target on Pagaya Technologies from $18.00 to $11.50 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pagaya Technologies has an average rating of “Moderate Buy” and an average target price of $26.94.

Pagaya Technologies Stock Up 1.0 %

The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $11.78 and a 200 day moving average price of $13.06.

Pagaya Technologies (NASDAQ:PGY) last posted its earnings results on Thursday, May 9th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). The firm had revenue of $237.00 million for the quarter, compared to the consensus estimate of $229.45 million. Pagaya Technologies had a negative net margin of 10.53% and a negative return on equity of 4.23%. During the same quarter in the prior year, the company posted ($0.48) earnings per share. On average, sell-side analysts expect that Pagaya Technologies Ltd. will post -0.17 EPS for the current year.

Insider Activity

In other news, CFO Evangelos Perros sold 11,293 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $12.15, for a total transaction of $137,209.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Nicole Torraco sold 4,743 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $12.04, for a total transaction of $57,105.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Evangelos Perros sold 11,293 shares of the stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $12.15, for a total value of $137,209.95. The disclosure for this sale can be found here.

Institutional Trading of Pagaya Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Black Maple Capital Management LP purchased a new stake in Pagaya Technologies during the 1st quarter valued at $438,000. Hood River Capital Management LLC purchased a new stake in Pagaya Technologies in the first quarter worth $9,265,000. Castle Hook Partners LP purchased a new stake in Pagaya Technologies in the first quarter worth $188,000. Sei Investments Co. purchased a new stake in Pagaya Technologies in the first quarter worth $1,101,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Pagaya Technologies by 14.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 675,064 shares of the company’s stock worth $6,818,000 after purchasing an additional 83,913 shares during the period. 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.