Pagaya Technologies (NASDAQ:PGY) Shares Gap Down - Time to Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $10.66, but opened at $10.08. Pagaya Technologies shares last traded at $10.07, with a volume of 281,497 shares.

Analyst Upgrades and Downgrades

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

Pagaya Technologies Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. The stock has a fifty day moving average price of $11.65 and a 200-day moving average price of $10.88. The firm has a market cap of $835.81 million, a price-to-earnings ratio of -2.02 and a beta of 5.98.

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Pagaya Technologies (NASDAQ:PGY - Get Free Report) last announced its quarterly earnings data 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). 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 analyst estimates of $264.28 million. During the same period in the prior year, the firm posted $0.24 earnings per share. On average, analysts expect that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Pagaya Technologies news, insider Tami Rosen sold 35,369 shares of the business's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $15.00, for a total transaction of $530,535.00. Following the sale, the insider now directly owns 38,181 shares in the company, valued at approximately $572,715. The trade was a 48.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Sanjiv Das sold 6,343 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction 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. This represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,692 shares of company stock valued at $1,205,379 over the last ninety days. Corporate insiders own 49.56% of the company's stock.

Institutional Investors Weigh In On Pagaya Technologies

Several institutional investors have recently modified their holdings of PGY. Intech Investment Management LLC acquired a new position in Pagaya Technologies during the third quarter worth $191,000. Charles Schwab Investment Management Inc. grew its position in shares of Pagaya Technologies by 17.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company's stock valued at $1,184,000 after purchasing an additional 16,533 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Pagaya Technologies by 13.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company's stock worth $176,000 after purchasing an additional 1,937 shares in the last quarter. FMR LLC raised its position in shares of Pagaya Technologies by 8.3% during the 3rd quarter. FMR LLC now owns 524,570 shares of the company's stock worth $5,545,000 after purchasing an additional 40,031 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Pagaya Technologies by 48.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company's stock valued at $103,000 after buying an additional 3,181 shares in the last quarter. Hedge funds and other 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.