Pagaya Technologies (NASDAQ:PGY) Shares Gap Down – Should You Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY) shares gapped down before the market opened on Monday . The stock had previously closed at $10.66, but opened at $10.08. Pagaya Technologies shares last traded at $10.07, with a volume of 281,497 shares changing hands.

Analyst Ratings Changes

PGY has been the subject of a number of research analyst reports. JMP Securities raised their price objective on shares of Pagaya Technologies from $25.00 to $26.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Canaccord Genuity Group reiterated a “buy” rating and issued a $25.00 price objective on shares of Pagaya Technologies in a research note on Thursday, February 13th. B. Riley reissued a “buy” rating and issued a $36.00 target price on shares of Pagaya Technologies in a research report on Monday, March 17th. Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a research note on Monday, March 17th. Finally, UBS Group began coverage on Pagaya Technologies in a research note on Friday, December 20th. They set a “neutral” rating and a $11.00 price target for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.61.

Pagaya Technologies Stock Performance

The business has a 50 day moving average of $11.61 and a 200-day moving average of $10.87. The company has a market capitalization of $795.15 million, a P/E ratio of -1.92 and a beta of 5.98. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.17 and a current ratio of 1.17.

Pagaya Technologies (NASDAQ:PGY) last announced 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 firm had revenue of $279.39 million during the quarter, compared to analysts’ expectations of $264.28 million. Pagaya Technologies had a positive return on equity of 0.82% and a negative net margin of 39.20%. During the same period in the previous year, the company posted $0.24 earnings per share. On average, sell-side analysts predict that Pagaya Technologies Ltd. will post 0.88 EPS for the current fiscal year.

Insider Activity

In other Pagaya Technologies news, President Sanjiv Das sold 7,282 shares of Pagaya Technologies stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.85, for a total transaction of $64,445.70. Following the completion of the sale, the president now directly owns 91,163 shares in the company, valued at $806,792.55. The trade was a 7.40 % 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 35,369 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $15.00, for a total transaction of $530,535.00. Following the completion of the transaction, the insider now directly owns 38,181 shares in the company, valued at $572,715. The trade was a 48.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,692 shares of company stock worth $1,205,379 in the last three months. Corporate insiders own 49.56% of the company’s stock.

Institutional Trading of Pagaya Technologies

A number of hedge funds have recently made changes to their positions in PGY. Frontier Capital Management Co. LLC bought a new stake in Pagaya Technologies in the 4th quarter worth approximately $28,070,000. Point72 Asset Management L.P. raised its stake in shares of Pagaya Technologies by 284.3% during the fourth quarter. Point72 Asset Management L.P. now owns 1,198,398 shares of the company’s stock worth $11,133,000 after acquiring an additional 886,539 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Pagaya Technologies by 359.6% in the 4th quarter. Two Sigma Investments LP now owns 826,119 shares of the company’s stock worth $7,675,000 after acquiring an additional 646,357 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Pagaya Technologies by 310.6% in the 4th quarter. JPMorgan Chase & Co. now owns 625,351 shares of the company’s stock valued at $5,810,000 after purchasing an additional 473,063 shares in the last quarter. Finally, Kennedy Capital Management LLC bought a new position in shares of Pagaya Technologies during the 4th quarter valued at $2,701,000. 57.14% of the stock is owned by 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.