Pagaya Technologies (NASDAQ:PGY) Stock Price Down 7.1% - Here's What Happened

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) fell 7.1% during trading on Friday . The stock traded as low as $10.80 and last traded at $10.74. 309,764 shares traded hands during trading, a decline of 82% from the average session volume of 1,689,881 shares. The stock had previously closed at $11.56.

Analyst Ratings Changes

PGY has been the topic of a number of research reports. B. Riley reiterated a "buy" rating and set a $36.00 target price on shares of Pagaya Technologies in a research report on Monday, March 17th. Citigroup upgraded Pagaya Technologies from a "neutral" rating to a "buy" rating and raised their target price for the company from $13.00 to $14.50 in a research note on Friday, February 7th. JMP Securities increased their price target on Pagaya Technologies from $25.00 to $26.00 and gave the stock a "market outperform" rating in a report on Friday, February 14th. Canaccord Genuity Group restated a "buy" rating and set a $25.00 price objective on shares of Pagaya Technologies in a report on Thursday, February 13th. Finally, UBS Group initiated coverage on Pagaya Technologies in a report on Friday, December 20th. They issued a "neutral" rating and a $11.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Pagaya Technologies has a consensus rating of "Moderate Buy" and an average target price of $20.61.

Pagaya Technologies Price Performance

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The company has a fifty day moving average of $11.59 and a 200-day moving average of $10.89. The firm has a market cap of $795.15 million, a P/E ratio of -1.92 and a beta of 5.98.

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

Insider Activity at Pagaya Technologies

In related news, CFO Evangelos Perros sold 21,305 shares of the business'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 $212,410.85. Following the transaction, the chief financial officer now directly owns 54,029 shares of the company's stock, valued at approximately $538,669.13. The trade was a 28.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tami Rosen sold 35,369 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $15.00, for a total transaction of $530,535.00. Following the transaction, the insider now owns 38,181 shares of the company's stock, valued at approximately $572,715. The trade was a 48.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,692 shares of company stock valued at $1,205,379. 49.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System lifted its position in shares of Pagaya Technologies by 5.4% during the 4th quarter. California State Teachers Retirement System now owns 35,771 shares of the company's stock valued at $332,000 after buying an additional 1,848 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Pagaya Technologies in the fourth quarter worth about $105,000. Jefferies Financial Group Inc. bought a new stake in shares of Pagaya Technologies in the fourth quarter valued at approximately $93,000. PharVision Advisers LLC purchased a new stake in shares of Pagaya Technologies during the 4th quarter valued at approximately $109,000. Finally, Voloridge Investment Management LLC grew its stake in Pagaya Technologies by 200.9% in the 4th quarter. Voloridge Investment Management LLC now owns 149,978 shares of the company's stock valued at $1,393,000 after buying an additional 100,127 shares in the last quarter. 57.14% of the stock is owned by institutional investors.

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.