Pagaya Technologies (NASDAQ:PGY) Shares Down 4.8%

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price was down 4.8% on Tuesday . The company traded as low as $12.57 and last traded at $12.69. Approximately 40,526 shares traded hands during trading, a decline of 97% from the average daily volume of 1,162,511 shares. The stock had previously closed at $13.33.

Analyst Ratings Changes

A number of equities analysts have weighed in on PGY shares. Canaccord Genuity Group reiterated a “buy” rating and set a $42.00 target price on shares of Pagaya Technologies in a research report on Thursday, May 9th. Keefe, Bruyette & Woods started coverage on shares of Pagaya Technologies in a research report on Monday, June 17th. They set an “outperform” rating and a $23.00 target price for the company. Citigroup started coverage on shares of Pagaya Technologies in a research report on Friday, May 24th. They set a “neutral” rating and a $14.00 target price for the company. Wedbush cut their target price on shares of Pagaya Technologies from $18.00 to $11.50 and set a “neutral” rating for the company in a research report on Friday, March 15th. Finally, Benchmark restated a “buy” rating and issued a $22.00 price objective on shares of Pagaya Technologies in a research report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.94.

Pagaya Technologies Price Performance

The business’s 50-day moving average price is $11.78 and its 200 day moving average price is $13.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.36 and a quick ratio of 2.36.

Pagaya Technologies (NASDAQ:PGY) last announced its earnings results on Thursday, May 9th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). The company had revenue of $237.00 million during the quarter, compared to analysts’ expectations of $229.45 million. Pagaya Technologies had a negative net margin of 10.53% and a negative return on equity of 4.23%. During the same period in the prior year, the business earned ($0.48) earnings per share. Equities research analysts predict that Pagaya Technologies Ltd. will post -0.17 EPS for the current year.

Insider Activity at Pagaya Technologies

In related news, President Sanjiv Das bought 22,727 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were acquired at an average cost of $10.57 per share, with a total value of $240,224.39. Following the completion of the purchase, the president now directly owns 22,727 shares of the company’s stock, valued at approximately $240,224.39. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, President Sanjiv Das bought 22,727 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were acquired at an average cost of $10.57 per share, with a total value of $240,224.39. Following the completion of the purchase, the president now directly owns 22,727 shares of the company’s stock, valued at approximately $240,224.39. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tami Rosen purchased 10,000 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were acquired at an average cost of $10.47 per share, for a total transaction of $104,700.00. Following the completion of the purchase, the insider now directly owns 28,818 shares of the company’s stock, valued at approximately $301,724.46. The disclosure for this purchase can be found here.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Quadrature Capital Ltd purchased a new position in shares of Pagaya Technologies in the fourth quarter worth $1,079,000. Swiss National Bank purchased a new position in shares of Pagaya Technologies in the fourth quarter worth $658,000. Counterpoint Mutual Funds LLC purchased a new position in shares of Pagaya Technologies in the first quarter worth $275,000. Cornerstone Investment Partners LLC purchased a new position in shares of Pagaya Technologies in the first quarter worth $158,000. Finally, Yarra Square Partners LP purchased a new position in shares of Pagaya Technologies in the fourth quarter worth $4,099,000. 57.14% of the stock is owned by hedge funds and other institutional investors.

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.