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

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

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Benchmark reiterated a "buy" rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Monday, March 17th. Citigroup upgraded shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $13.00 to $14.50 in a report on Friday, February 7th. B. Riley reissued a "buy" rating and issued a $36.00 price target on shares of Pagaya Technologies in a research report on Monday, March 17th. JMP Securities upped their target price on Pagaya Technologies from $25.00 to $26.00 and gave the company a "market outperform" rating in a report on Friday, February 14th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $25.00 target price on shares of Pagaya Technologies in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $20.61.

Pagaya Technologies Stock Performance

The company has a 50 day moving average of $11.55 and a two-hundred day moving average of $10.90. 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 market capitalization of $789.12 million, a PE ratio of -1.91 and a beta of 5.98.

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

Insider Transactions at Pagaya Technologies

In other news, President Sanjiv Das sold 7,282 shares of the business's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.85, for a total value of $64,445.70. Following the completion of the transaction, the president now owns 91,163 shares in the company, valued at $806,792.55. The trade was a 7.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Tami Rosen sold 35,369 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $15.00, for a total value of $530,535.00. Following the sale, the insider now directly owns 38,181 shares in the company, valued at $572,715. This trade represents a 48.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,692 shares of company stock valued at $1,205,379. Insiders own 49.56% of the company's stock.

Hedge Funds Weigh In On Pagaya Technologies

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