Pagaya Technologies (NASDAQ:PGY) Shares Gap Down - What's Next?

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $9.08, but opened at $8.67. Pagaya Technologies shares last traded at $8.70, with a volume of 789,832 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PGY shares. Oppenheimer initiated coverage on Pagaya Technologies in a research note on Tuesday, October 1st. They set an "outperform" rating and a $12.00 price objective for the company. B. Riley dropped their target price on shares of Pagaya Technologies from $48.00 to $36.00 and set a "buy" rating for the company in a research report on Monday, September 30th. Canaccord Genuity Group reduced their price target on shares of Pagaya Technologies from $32.00 to $25.00 and set a "buy" rating on the stock in a research report on Wednesday, November 13th. UBS Group initiated coverage on shares of Pagaya Technologies in a report on Friday, December 20th. They set a "neutral" rating and a $11.00 price objective for the company. Finally, Benchmark reissued a "buy" rating and issued a $21.00 target price on shares of Pagaya Technologies in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $20.00.

Pagaya Technologies Stock Performance

The firm has a fifty day simple moving average of $10.11 and a 200-day simple moving average of $11.75. The stock has a market cap of $645.96 million, a price-to-earnings ratio of -3.45 and a beta of 6.12. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.82.

Insider Activity

In other Pagaya Technologies news, President Sanjiv Das sold 10,683 shares of the firm's stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $11.77, for a total value of $125,738.91. Following the transaction, the president now directly owns 64,794 shares of the company's stock, valued at approximately $762,625.38. This trade represents a 14.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Evangelos Perros sold 21,305 shares of Pagaya Technologies 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 sale, the chief financial officer now directly owns 54,029 shares of the company's stock, valued at $538,669.13. This represents a 28.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 235,107 shares of company stock valued at $3,245,015 over the last 90 days. 49.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds have recently added to or reduced their stakes in PGY. Point72 Asset Management L.P. increased its stake in shares of Pagaya Technologies by 4,374.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company's stock valued at $3,296,000 after acquiring an additional 304,890 shares during the last quarter. Arizona PSPRS Trust bought a new stake in Pagaya Technologies in the third quarter valued at approximately $2,183,000. Millennium Management LLC raised its holdings in Pagaya Technologies by 455.9% in the second quarter. Millennium Management LLC now owns 218,549 shares of the company's stock worth $2,789,000 after purchasing an additional 179,235 shares during the period. Divisadero Street Capital Management LP acquired a new stake in Pagaya Technologies in the second quarter worth $2,273,000. Finally, Yarra Square Partners LP boosted its position in shares of Pagaya Technologies by 29.9% during the second quarter. Yarra Square Partners LP now owns 619,345 shares of the company's stock worth $7,903,000 after purchasing an additional 142,500 shares in 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.