Pagaya Technologies (NASDAQ:PGY) Shares Gap Down – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY) shares gapped down before the market opened on Monday . The stock had previously closed at $24.95, but opened at $23.62. Pagaya Technologies shares last traded at $24.3450, with a volume of 509,485 shares trading hands.

Wall Street Analyst Weigh In

PGY has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Pagaya Technologies in a research note on Tuesday, October 14th. JMP Securities upped their price objective on shares of Pagaya Technologies from $26.00 to $35.00 and gave the stock a “market outperform” rating in a report on Monday, August 11th. Zacks Research lowered shares of Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Keefe, Bruyette & Woods increased their price target on shares of Pagaya Technologies from $27.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Finally, Benchmark reaffirmed a “buy” rating and set a $48.00 price objective on shares of Pagaya Technologies in a research report on Wednesday, October 1st. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Pagaya Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.67.

Pagaya Technologies Stock Performance

The company has a market capitalization of $1.87 billion, a P/E ratio of -8.70 and a beta of 5.84. The company’s 50 day moving average is $27.18 and its 200-day moving average is $27.22. The company has a current ratio of 11.41, a quick ratio of 11.41 and a debt-to-equity ratio of 1.16.

Insider Buying and Selling at Pagaya Technologies

In related news, President Sanjiv Das sold 13,304 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $40.62, for a total transaction of $540,408.48. Following the completion of the transaction, the president owned 96,885 shares of the company’s stock, valued at $3,935,468.70. This trade represents a 12.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Tami Rosen sold 15,026 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $30.73, for a total value of $461,748.98. Following the completion of the sale, the insider directly owned 28,181 shares in the company, valued at $866,002.13. This trade represents a 34.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 95,081 shares of company stock valued at $3,475,010. Corporate insiders own 47.59% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

Several large investors have recently modified their holdings of PGY. Goldman Sachs Group Inc. grew its position in Pagaya Technologies by 26.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock valued at $17,871,000 after purchasing an additional 359,099 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of Pagaya Technologies by 5.2% in the third quarter. Two Sigma Investments LP now owns 1,452,578 shares of the company’s stock worth $43,127,000 after buying an additional 71,639 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Pagaya Technologies by 436.9% during the second quarter. JPMorgan Chase & Co. now owns 1,385,279 shares of the company’s stock valued at $29,534,000 after buying an additional 1,127,242 shares during the last quarter. Millennium Management LLC increased its position in shares of Pagaya Technologies by 320.1% during the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock valued at $13,230,000 after acquiring an additional 961,944 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Pagaya Technologies by 0.3% during the third quarter. BNP Paribas Financial Markets now owns 1,204,362 shares of the company’s stock valued at $35,758,000 after acquiring an additional 4,014 shares in the last quarter. Hedge funds and other institutional investors 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.