Pagaya Technologies (NASDAQ:PGY) Stock Price Down 11.3% - What's Next?

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

Analyst Ratings Changes

PGY has been the subject of a number of analyst reports. JMP Securities lifted their price target on Pagaya Technologies from $25.00 to $26.00 and gave the company a "market outperform" rating in a research note on Friday. Citigroup upgraded Pagaya Technologies from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $13.00 to $14.50 in a research note on Friday, February 7th. UBS Group initiated coverage on Pagaya Technologies in a research note on Friday, December 20th. They issued a "neutral" rating and a $11.00 target price on the stock. 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. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Pagaya Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $20.17.

Pagaya Technologies Price 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 company has a market cap of $1.13 billion, a P/E ratio of -6.05 and a beta of 6.09. The business's fifty day moving average is $9.87 and its 200 day moving average is $11.09.

Pagaya Technologies (NASDAQ:PGY - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.32). The company had revenue of $279.39 million during the quarter, compared to the consensus estimate 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 period last year, the firm posted $0.24 EPS. As a group, sell-side analysts anticipate that Pagaya Technologies Ltd. will post 0.18 EPS for the current year.

Insider Buying and Selling at Pagaya Technologies

In other Pagaya Technologies news, insider Tami Rosen sold 21,547 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total transaction of $214,823.59. Following the sale, the insider now owns 73,550 shares of the company's stock, valued at $733,293.50. The trade was a 22.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Sanjiv Das sold 7,282 shares of the business's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $64,445.70. Following the sale, the president now directly owns 91,163 shares in the company, valued at $806,792.55. The trade was a 7.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,692 shares of company stock valued at $1,205,379 in the last 90 days. 49.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Malaga Cove Capital LLC bought a new position in shares of Pagaya Technologies in the fourth quarter worth $96,000. Jefferies Financial Group Inc. bought a new position in shares of Pagaya Technologies in the fourth quarter worth $93,000. Frontier Capital Management Co. LLC bought a new position in shares of Pagaya Technologies in the fourth quarter worth $28,070,000. Corton Capital Inc. increased its holdings in shares of Pagaya Technologies by 346.0% in the fourth quarter. Corton Capital Inc. now owns 45,186 shares of the company's stock worth $420,000 after purchasing an additional 35,054 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Pagaya Technologies in the fourth quarter worth $206,000. 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.