Pagaya Technologies (NASDAQ:PGY) Stock Price Down 10.8% – Should You Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price was down 10.8% during mid-day trading on Wednesday. The stock traded as low as $19.08 and last traded at $18.52. Approximately 797,983 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 3,532,915 shares. The stock had previously closed at $20.77.

Wall Street Analyst Weigh In

Several research firms recently commented on PGY. Citizens Jmp upped their target price on shares of Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, July 31st. TD Cowen assumed coverage on shares of Pagaya Technologies in a research report on Thursday, September 3rd. They issued a “buy” rating and a $26.00 price target on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Pagaya Technologies in a report on Monday, September 14th. Zacks Research raised shares of Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Finally, Jefferies Financial Group increased their target price on shares of Pagaya Technologies from $23.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $31.25.

Pagaya Technologies Stock Performance

The company has a debt-to-equity ratio of 1.12, a current ratio of 11.08 and a quick ratio of 11.08. The firm has a market cap of $1.56 billion, a P/E ratio of 13.76 and a beta of 5.35. The stock’s 50 day moving average is $20.39 and its two-hundred day moving average is $16.32.

Insider Activity at Pagaya Technologies

In related news, President Sanjiv Das sold 13,301 shares of the business’s stock in a transaction on Saturday, September 12th. The stock was sold at an average price of $20.21, for a total value of $268,813.21. Following the sale, the president owned 154,635 shares of the company’s stock, valued at $3,125,173.35. The trade was a 7.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Tami Rosen sold 8,504 shares of the company’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $20.38, for a total value of $173,311.52. Following the completion of the sale, the director owned 15,400 shares in the company, valued at $313,852. This trade represents a 35.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 79,661 shares of company stock worth $1,703,000. Corporate insiders own 41.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC grew its holdings in shares of Pagaya Technologies by 60.7% in the 2nd quarter. Tidal Investments LLC now owns 78,221 shares of the company’s stock worth $1,428,000 after purchasing an additional 29,533 shares during the last quarter. WINTON GROUP Ltd bought a new position in Pagaya Technologies during the 2nd quarter valued at about $391,000. Engineers Gate Manager LP boosted its position in Pagaya Technologies by 158.5% in the second quarter. Engineers Gate Manager LP now owns 130,172 shares of the company’s stock valued at $2,376,000 after buying an additional 79,810 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Pagaya Technologies in the second quarter valued at about $37,000. Finally, Squarepoint Ops LLC grew its stake in Pagaya Technologies by 614.7% during the second quarter. Squarepoint Ops LLC now owns 252,036 shares of the company’s stock worth $4,600,000 after buying an additional 216,770 shares during the last quarter. 57.14% of the stock is owned by institutional investors.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and data analytics to facilitate access to credit and investment opportunities. Its technology platform evaluates loan and other credit-related assets, helping financial institutions make lending decisions and connect assets with institutional funding sources.

The company’s Pagaya Network is designed to integrate with banks, fintech companies and other originators. Through the network, Pagaya analyzes consumer credit, personal loan, auto loan and real estate-related assets, among other products, and helps distribute qualifying assets to institutional investors through structured financial vehicles.

Pagaya was founded in 2016 and is headquartered in New York, with roots in Israel.