Pagaya Technologies (NASDAQ:PGY) Shares Down 13.1% - Here's What Happened

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) was down 13.1% during trading on Monday . The company traded as low as $9.30 and last traded at $9.18. Approximately 1,934,477 shares traded hands during trading, a decline of 32% from the average daily volume of 2,839,006 shares. The stock had previously closed at $10.57.

Wall Street Analyst Weigh In

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

Pagaya Technologies Price Performance

The firm has a market cap of $767.86 million, a price-to-earnings ratio of -1.89 and a beta of 5.97. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82. The company has a 50 day moving average of $11.05 and a 200 day moving average of $11.07.

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Pagaya Technologies (NASDAQ:PGY - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.32). The business had revenue of $279.39 million for the quarter, compared to analyst estimates 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 previous year, the business posted $0.24 EPS. Equities research analysts predict that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Evangelos Perros sold 21,305 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $212,410.85. Following the completion of the transaction, the chief financial officer now owns 54,029 shares in the company, valued at $538,669.13. This trade represents a 28.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Sanjiv Das sold 6,343 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $63,239.71. Following the completion of the transaction, the president now owns 75,528 shares of the company's stock, valued at $753,014.16. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,692 shares of company stock valued at $1,205,379. 49.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in Pagaya Technologies by 502.5% during the third quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company's stock worth $1,610,000 after purchasing an additional 127,012 shares during the period. Point72 Asset Management L.P. grew its holdings in Pagaya Technologies by 4,374.9% during the third quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company's stock worth $3,296,000 after purchasing an additional 304,890 shares during the period. Centiva Capital LP bought a new position in Pagaya Technologies during the third quarter worth about $617,000. IFP Advisors Inc grew its holdings in Pagaya Technologies by 80.7% during the fourth quarter. IFP Advisors Inc now owns 13,265 shares of the company's stock worth $123,000 after purchasing an additional 5,925 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Pagaya Technologies by 17.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company's stock worth $1,184,000 after purchasing an additional 16,533 shares during the period. 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.