ARK Investment Management LLC Decreases Stock Position in Pagaya Technologies Ltd. (NASDAQ:PGY)

ARK Investment Management LLC decreased its position in shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Free Report) by 37.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,850 shares of the company's stock after selling 81,960 shares during the quarter. ARK Investment Management LLC owned 0.19% of Pagaya Technologies worth $1,478,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PGY. nVerses Capital LLC acquired a new stake in Pagaya Technologies in the second quarter valued at approximately $74,000. SG Americas Securities LLC acquired a new stake in Pagaya Technologies in the 2nd quarter valued at $101,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Pagaya Technologies in the 2nd quarter worth $166,000. The Manufacturers Life Insurance Company acquired a new position in Pagaya Technologies during the second quarter worth $187,000. Finally, Castle Hook Partners LP purchased a new position in Pagaya Technologies during the first quarter valued at $188,000. 57.14% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Yahav Yulzari acquired 23,600 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was purchased at an average price of $10.52 per share, with a total value of $248,272.00. Following the transaction, the insider now owns 311,637 shares of the company's stock, valued at approximately $3,278,421.24. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Yahav Yulzari acquired 23,600 shares of the business's stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average price of $10.52 per share, for a total transaction of $248,272.00. Following the acquisition, the insider now owns 311,637 shares of the company's stock, valued at $3,278,421.24. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tami Rosen sold 17,570 shares of the firm's stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $12.06, for a total value of $211,894.20. Following the transaction, the insider now owns 73,516 shares of the company's stock, valued at $886,602.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,045 shares of company stock valued at $430,982 over the last 90 days. 19.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. B. Riley decreased their price target on shares of Pagaya Technologies from $48.00 to $36.00 and set a "buy" rating on the stock in a research note on Monday, September 30th. Canaccord Genuity Group lowered their price target on Pagaya Technologies from $42.00 to $32.00 and set a "buy" rating on the stock in a research note on Monday, September 30th. Wedbush reaffirmed a "neutral" rating and set a $13.00 target price on shares of Pagaya Technologies in a research note on Monday, August 12th. JMP Securities reiterated a "market outperform" rating and issued a $25.00 target price on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Finally, Oppenheimer assumed coverage on shares of Pagaya Technologies in a research report on Tuesday, October 1st. They set an "outperform" rating and a $12.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $22.89.

Pagaya Technologies Trading Up 12.4 %

Shares of Pagaya Technologies stock traded up $1.61 during mid-day trading on Friday, hitting $14.62. The stock had a trading volume of 3,571,111 shares, compared to its average volume of 1,262,872. The firm has a market cap of $1.05 billion, a P/E ratio of -7.42 and a beta of 6.33. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average of $11.71 and a two-hundred day moving average of $12.28. Pagaya Technologies Ltd. has a 12-month low of $8.56 and a 12-month high of $20.50.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.11). The business had revenue of $250.34 million for the quarter, compared to analysts' expectations of $239.16 million. Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. Sell-side analysts forecast that Pagaya Technologies Ltd. will post -0.09 earnings per share for the current year.

Pagaya Technologies 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.