Pagaya Technologies (NASDAQ:PGY) Stock Price Down 11.3% – Should You Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares dropped 11.3% during mid-day trading on Tuesday . The stock traded as low as $12.06 and last traded at $11.54. Approximately 2,934,622 shares changed 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.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PGY shares. 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 target price on the stock. Canaccord Genuity Group cut their price objective on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a research report on Wednesday, October 16th. Finally, Citigroup upgraded Pagaya Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $13.00 to $14.50 in a report on Friday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $20.06.

Pagaya Technologies Trading Down 10.6 %

The business has a 50 day simple moving average of $9.63 and a two-hundred day simple moving average of $11.13. The stock has a market cap of $856.30 million, a price-to-earnings ratio of -4.56 and a beta of 6.09. 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 Buying and Selling

In related news, CFO Evangelos Perros sold 21,305 shares of the firm’s 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 transaction, the chief financial officer now directly owns 54,029 shares in the company, valued at $538,669.13. This trade represents a 28.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tami Rosen sold 21,547 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total transaction of $214,823.59. Following the sale, the insider now directly owns 73,550 shares in the company, valued at $733,293.50. This trade represents a 22.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,323 shares of company stock worth $674,844. Insiders own 49.56% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PGY. Arizona State Retirement System grew its holdings in Pagaya Technologies by 10.9% in the 4th quarter. Arizona State Retirement System now owns 11,154 shares of the company’s stock worth $104,000 after buying an additional 1,092 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Pagaya Technologies by 4.6% in the third quarter. Tidal Investments LLC now owns 41,322 shares of the company’s stock worth $437,000 after purchasing an additional 1,826 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Pagaya Technologies by 13.2% in the third 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. BNP Paribas Financial Markets increased its holdings in shares of Pagaya Technologies by 48.4% during the third quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock valued at $103,000 after purchasing an additional 3,181 shares during the period. Finally, R Squared Ltd bought a new stake in shares of Pagaya Technologies during the fourth quarter valued at about $30,000. Institutional investors and hedge funds 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.