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

Pagaya Technologies Ltd. (NASDAQ:PGY)’s stock price was down 10.8% during trading on Wednesday . The company traded as low as $19.08 and last traded at $18.52. 797,983 shares changed hands 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.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PGY shares. 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 research note on Friday, August 7th. Citizens Jmp lifted their price objective on shares of Pagaya Technologies from $22.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, July 31st. Jefferies Financial Group boosted 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. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Pagaya Technologies in a research report on Monday, September 14th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Pagaya Technologies has a consensus rating of “Buy” and a consensus price target of $31.25.

Pagaya Technologies Stock Down 9.7%

The firm’s 50-day moving average price is $20.35 and its 200 day moving average price is $16.22. The firm has a market cap of $1.56 billion, a P/E ratio of 13.76 and a beta of 5.35. The company has a quick ratio of 11.08, a current ratio of 11.08 and a debt-to-equity ratio of 1.12.

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, President Sanjiv Das sold 21,289 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $22.00, for a total transaction of $468,358.00. Following the completion of the transaction, the president directly owned 144,186 shares of the company’s stock, valued at $3,172,092. The trade was a 12.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Tami Rosen sold 28,181 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $21.98, for a total transaction of $619,418.38. Following the completion of the transaction, the director owned 16,665 shares of the company’s stock, valued at approximately $366,296.70. This trade represents a 62.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 95,119 shares of company stock valued at $1,947,700 over the last three months. 41.99% of the stock is currently owned by company insiders.

Institutional Trading of Pagaya Technologies

Several large investors have recently added to or reduced their stakes in PGY. Root Financial Partners LLC bought a new stake in shares of Pagaya Technologies during the fourth quarter valued at about $27,000. First Bancorp Inc ME acquired a new stake in Pagaya Technologies in the second quarter worth about $36,000. Integrated Wealth Concepts LLC bought a new position in Pagaya Technologies in the 2nd quarter valued at about $37,000. Allworth Financial LP grew its position in Pagaya Technologies by 300.4% in the 2nd quarter. Allworth Financial LP now owns 3,592 shares of the company’s stock valued at $66,000 after buying an additional 2,695 shares in the last quarter. Finally, State of Wyoming increased its stake in Pagaya Technologies by 150.3% during the 1st quarter. State of Wyoming now owns 6,532 shares of the company’s stock valued at $76,000 after buying an additional 3,922 shares during the period. 57.14% of the stock is currently owned by institutional investors and hedge funds.

About Pagaya Technologies

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.