Pagaya Technologies (NASDAQ:PGY) Trading Down 8.8% - Time to Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) fell 8.8% during mid-day trading on Wednesday . The stock traded as low as $10.89 and last traded at $10.89. 607,381 shares traded hands during trading, a decline of 52% from the average session volume of 1,260,381 shares. The stock had previously closed at $11.94.

Wall Street Analysts Forecast Growth

PGY has been the topic of several research analyst reports. JMP Securities reissued a "market outperform" rating and issued a $25.00 price objective on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Oppenheimer began coverage on shares of Pagaya Technologies in a report on Tuesday, October 1st. They issued an "outperform" rating and a $12.00 target price on the stock. Canaccord Genuity Group dropped their price objective on Pagaya Technologies from $42.00 to $32.00 and set a "buy" rating for the company in a research report on Monday, September 30th. Benchmark restated a "buy" rating and issued a $21.00 target price on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Finally, Wedbush reiterated a "neutral" rating and issued a $13.00 price objective on shares of Pagaya Technologies in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Pagaya Technologies currently has an average rating of "Moderate Buy" and an average price target of $22.89.

Pagaya Technologies Stock Down 8.2 %

The stock has a market capitalization of $777.06 million, a P/E ratio of -7.77 and a beta of 6.36. The company's 50-day moving average price is $11.95 and its 200 day moving average price is $12.12. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.11). The business had revenue of $250.34 million during 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%. As a group, equities analysts expect that Pagaya Technologies Ltd. will post -0.15 earnings per share for the current year.

Insider Transactions at Pagaya Technologies

In other news, CFO Evangelos Perros sold 24,171 shares of the company's stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $13.55, for a total value of $327,517.05. Following the sale, the chief financial officer now directly owns 23,791 shares of the company's stock, valued at $322,368.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Evangelos Perros sold 24,171 shares of the firm's stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $13.55, for a total value of $327,517.05. Following the transaction, the chief financial officer now directly owns 23,791 shares of the company's stock, valued at approximately $322,368.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CRO Yahav Yulzari sold 11,662 shares of the firm's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $15.78, for a total transaction of $184,026.36. Following the sale, the executive now owns 288,037 shares of the company's stock, valued at approximately $4,545,223.86. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,275 shares of company stock valued at $940,334 in the last 90 days. Insiders own 19.70% of the company's stock.

Institutional Trading of Pagaya Technologies

Several institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in Pagaya Technologies in the 1st quarter valued at $12,686,000. Hood River Capital Management LLC purchased a new stake in shares of Pagaya Technologies in the 1st quarter worth about $9,265,000. Millennium Management LLC lifted its holdings in Pagaya Technologies by 455.9% in the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company's stock valued at $2,789,000 after purchasing an additional 179,235 shares in the last quarter. Divisadero Street Capital Management LP purchased a new position in Pagaya Technologies in the 2nd quarter valued at about $2,273,000. Finally, Yarra Square Partners LP lifted 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 valued at $7,903,000 after purchasing an additional 142,500 shares in the last quarter. 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.