Pagaya Technologies (NASDAQ:PGY) Stock Price Down 5.6% – Time to Sell?

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) fell 5.6% on Wednesday . The stock traded as low as $20.24 and last traded at $20.0090. Approximately 975,475 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,797,082 shares. The stock had previously closed at $21.20.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citizens Jmp upped their price target on shares of Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Friday, July 31st. B. Riley Financial upped their target price on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Texas Capital upgraded Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Zacks Research upgraded Pagaya Technologies from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Finally, Canaccord Genuity Group lifted their target price on Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Pagaya Technologies presently has an average rating of “Buy” and a consensus target price of $32.43.

Pagaya Technologies Price Performance

The company has a current ratio of 11.08, a quick ratio of 11.08 and a debt-to-equity ratio of 1.12. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 14.88 and a beta of 5.33. The business has a 50-day moving average price of $17.27 and a 200 day moving average price of $14.91.

Insider Transactions at Pagaya Technologies

In other news, CEO Gal Krubiner purchased 16,230 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were acquired at an average price of $15.43 per share, for a total transaction of $250,428.90. Following the completion of the acquisition, the chief executive officer directly owned 555,906 shares of the company’s stock, valued at $8,577,629.58. The trade was a 3.01% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Cory Vieira sold 2,140 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $15.01, for a total transaction of $32,121.40. Following the completion of the transaction, the chief accounting officer directly owned 18,179 shares of the company’s stock, valued at $272,866.79. This represents a 10.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 107,560 shares of company stock worth $2,011,541 in the last three months. Insiders own 41.99% of the company’s stock.

Institutional Trading of Pagaya Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Main Management ETF Advisors LLC lifted its holdings in Pagaya Technologies by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 72,036 shares of the company’s stock worth $1,506,000 after purchasing an additional 736 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Pagaya Technologies by 5.4% in the first quarter. The Manufacturers Life Insurance Company now owns 15,136 shares of the company’s stock valued at $176,000 after purchasing an additional 776 shares during the period. SBI Securities Co. Ltd. lifted its stake in shares of Pagaya Technologies by 5.0% in the fourth quarter. SBI Securities Co. Ltd. now owns 16,493 shares of the company’s stock worth $345,000 after buying an additional 790 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in shares of Pagaya Technologies by 3.2% during the 4th quarter. MetLife Investment Management LLC now owns 27,845 shares of the company’s stock worth $582,000 after buying an additional 867 shares during the period. Finally, Franklin Resources Inc. grew its stake in Pagaya Technologies by 4.8% in the 3rd quarter. Franklin Resources Inc. now owns 22,766 shares of the company’s stock valued at $676,000 after buying an additional 1,043 shares during the last quarter. Institutional investors and hedge funds own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.