Pagaya Technologies (NASDAQ:PGY) Shares Down 11.3% - Time to Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY - Get Free Report) traded down 11.3% during mid-day trading on Tuesday . The company traded as low as $12.06 and last traded at $11.54. 2,934,622 shares were traded during trading, an increase of 66% from the average session volume of 1,766,501 shares. The stock had previously closed at $13.01.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. UBS Group assumed coverage on shares of Pagaya Technologies in a research report on Friday, December 20th. They set a "neutral" rating and a $11.00 target price for the company. Citigroup upgraded shares of Pagaya Technologies from a "neutral" rating to a "buy" rating and boosted their target price for the company from $13.00 to $14.50 in a research report on Friday, February 7th. 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. Finally, JMP Securities upped their price objective on shares of Pagaya Technologies from $25.00 to $26.00 and gave the stock a "market outperform" rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $20.17.

Pagaya Technologies Stock Performance

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 stock's 50-day moving average price is $9.87 and its 200-day moving average price is $11.11. The company has a market capitalization of $1.13 billion, a P/E ratio of -6.05 and a beta of 6.09.

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). The firm had revenue of $279.39 million during the quarter, compared to analyst estimates of $264.28 million. Pagaya Technologies had a positive return on equity of 1.01% and a negative net margin of 18.48%. During the same quarter in the previous year, the business earned $0.24 earnings per share. As a group, equities analysts expect that Pagaya Technologies Ltd. will post 0.18 EPS for the current year.

Insiders Place Their Bets

In related news, insider Tami Rosen sold 21,547 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $214,823.59. Following the transaction, the insider now owns 73,550 shares in the company, valued at $733,293.50. This represents a 22.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Sanjiv Das sold 6,343 shares of the business'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 $63,239.71. Following the sale, the president now directly owns 75,528 shares of the company's stock, valued at $753,014.16. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,692 shares of company stock worth $1,205,379 over the last 90 days. Corporate insiders own 49.56% of the company's stock.

Institutional Investors Weigh In On Pagaya Technologies

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its position in Pagaya Technologies by 502.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company's stock worth $1,610,000 after buying an additional 127,012 shares during the period. Point72 Asset Management L.P. increased its position in shares of Pagaya Technologies by 4,374.9% in 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 shares of Pagaya Technologies in the third quarter worth $617,000. Charles Schwab Investment Management Inc. boosted its stake in 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 buying an additional 16,533 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Pagaya Technologies in the third quarter valued at about $787,000. 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.