Pagaya Technologies (NASDAQ:PGY) Stock Price Down 7.1% – Time to Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY) dropped 7.1% during trading on Friday . The company traded as low as $10.80 and last traded at $10.74. Approximately 309,764 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 1,689,881 shares. The stock had previously closed at $11.56.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Citigroup upgraded 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. Canaccord Genuity Group reissued a “buy” rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Thursday, February 13th. JMP Securities boosted their price target on Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Friday, February 14th. B. Riley reissued a “buy” rating and set a $36.00 price objective on shares of Pagaya Technologies in a report on Monday, March 17th. Finally, Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Monday, March 17th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.61.

Pagaya Technologies Price Performance

The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17. The company has a 50-day moving average of $11.55 and a 200-day moving average of $10.91. The stock has a market cap of $802.68 million, a price-to-earnings ratio of -1.94 and a beta of 5.98.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.32). The company had revenue of $279.39 million for the quarter, compared to analyst estimates of $264.28 million. Pagaya Technologies had a negative net margin of 39.20% and a positive return on equity of 0.82%. During the same quarter in the previous year, the business posted $0.24 earnings per share. As a group, equities research analysts predict that Pagaya Technologies Ltd. will post 0.88 earnings per share for the current year.

Insider Buying and Selling

In other Pagaya Technologies news, CFO Evangelos Perros sold 21,305 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $212,410.85. Following the transaction, the chief financial officer now owns 54,029 shares of the company’s stock, valued at $538,669.13. This trade represents a 28.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Tami Rosen sold 35,369 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $15.00, for a total transaction of $530,535.00. Following the transaction, the insider now owns 38,181 shares of the company’s stock, valued at $572,715. This represents a 48.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,692 shares of company stock worth $1,205,379. 49.56% of the stock is owned by company insiders.

Institutional Trading of Pagaya Technologies

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in shares of Pagaya Technologies by 502.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 152,288 shares of the company’s stock valued at $1,610,000 after acquiring an additional 127,012 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of Pagaya Technologies by 4,374.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 311,859 shares of the company’s stock valued at $3,296,000 after acquiring an additional 304,890 shares in the last quarter. Centiva Capital LP acquired a new stake in shares of Pagaya Technologies in the third quarter worth $617,000. IFP Advisors Inc boosted its holdings in Pagaya Technologies by 80.7% during the fourth quarter. IFP Advisors Inc now owns 13,265 shares of the company’s stock valued at $123,000 after acquiring an additional 5,925 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Pagaya Technologies by 17.3% during the 3rd 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 period. 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.