Pagaya Technologies (NASDAQ:PGY) Shares Down 10% - Here's What Happened

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

Analyst Upgrades and Downgrades

PGY has been the topic of a number of research reports. UBS Group started coverage on shares of Pagaya Technologies in a report on Friday, December 20th. They set a "neutral" rating and a $11.00 target price on the stock. JMP Securities upped their price objective on shares of Pagaya Technologies from $25.00 to $26.00 and gave the company a "market outperform" rating in a research note on Friday, February 14th. Citigroup raised shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and upped their price objective for the company from $13.00 to $14.50 in a research note on Friday, February 7th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Pagaya Technologies in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Pagaya Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $20.17.

Pagaya Technologies Stock Performance

The firm has a market capitalization of $778.54 million, a P/E ratio of -1.92 and a beta of 5.98. The company's 50 day moving average is $11.02 and its 200-day moving average is $11.14. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82.

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Pagaya Technologies (NASDAQ:PGY - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.32). The company had revenue of $279.39 million for the quarter, compared to the consensus estimate of $264.28 million. Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. During the same period in the prior year, the company earned $0.24 earnings per share. As a group, equities analysts anticipate that Pagaya Technologies Ltd. will post 0.88 EPS for the current year.

Insider Buying and Selling

In other Pagaya Technologies news, President Sanjiv Das sold 7,282 shares of the company's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $64,445.70. Following the transaction, the president now owns 91,163 shares in the company, valued at approximately $806,792.55. This represents a 7.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Evangelos Perros sold 21,305 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $212,410.85. Following the transaction, the chief financial officer now owns 54,029 shares in the company, valued at approximately $538,669.13. The trade was a 28.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,692 shares of company stock valued at $1,205,379 over the last ninety days. 49.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Invesco Ltd. raised its holdings in shares of Pagaya Technologies by 1.8% in the fourth quarter. Invesco Ltd. now owns 48,030 shares of the company's stock valued at $446,000 after purchasing an additional 864 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Pagaya Technologies by 10.9% in the fourth quarter. Arizona State Retirement System now owns 11,154 shares of the company's stock valued at $104,000 after purchasing an additional 1,092 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Pagaya Technologies by 15.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 11,177 shares of the company's stock valued at $101,000 after purchasing an additional 1,532 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of 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 purchasing an additional 1,826 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Pagaya Technologies by 13.2% in the third quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company's stock valued at $176,000 after purchasing an additional 1,937 shares during the last quarter. Institutional investors and hedge funds own 57.14% of the company's stock.

About Pagaya Technologies

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.