Pagaya Technologies (NASDAQ:PGY) Trading Down 4.1%

Pagaya Technologies Ltd. (NASDAQ:PGY) was down 4.1% during mid-day trading on Wednesday . The company traded as low as $12.55 and last traded at $12.56. Approximately 105,850 shares traded hands during trading, a decline of 91% from the average daily volume of 1,144,903 shares. The stock had previously closed at $13.10.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Pagaya Technologies in a report on Monday, June 17th. They issued an “outperform” rating and a $23.00 target price on the stock. Wedbush reduced their target price on Pagaya Technologies from $18.00 to $11.50 and set a “neutral” rating on the stock in a report on Friday, March 15th. Canaccord Genuity Group restated a “buy” rating and issued a $42.00 price target on shares of Pagaya Technologies in a report on Thursday, May 9th. Citigroup assumed coverage on shares of Pagaya Technologies in a report on Friday, May 24th. They set a “neutral” rating and a $14.00 target price on the stock. Finally, Benchmark reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Pagaya Technologies in a research report on Friday, May 10th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.94.

Pagaya Technologies Stock Down 3.6 %

The firm’s 50 day simple moving average is $11.98 and its two-hundred day simple moving average is $12.94. The firm has a market cap of $895.47 million, a price-to-earnings ratio of -9.28 and a beta of 6.44. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.61.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). The business had revenue of $237.00 million for the quarter, compared to analyst estimates of $229.45 million. Pagaya Technologies had a negative return on equity of 4.23% and a negative net margin of 10.53%. During the same quarter last year, the firm posted ($0.48) EPS. On average, equities analysts forecast that Pagaya Technologies Ltd. will post -0.17 EPS for the current year.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, Director Nicole Torraco sold 4,743 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $12.04, for a total value of $57,105.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Pagaya Technologies news, CFO Evangelos Perros sold 11,293 shares of the business’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $12.15, for a total value of $137,209.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Nicole Torraco sold 4,743 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $12.04, for a total transaction of $57,105.72. The disclosure for this sale can be found here.

Institutional Investors Weigh In On Pagaya Technologies

A number of hedge funds have recently modified their holdings of the stock. Yarra Square Partners LP bought a new position in Pagaya Technologies during the fourth quarter valued at $4,099,000. Capricorn Fund Managers Ltd grew its stake in shares of Pagaya Technologies by 12.6% during the 4th quarter. Capricorn Fund Managers Ltd now owns 1,736,073 shares of the company’s stock worth $2,396,000 after acquiring an additional 194,073 shares during the period. ARK Investment Management LLC increased its holdings in Pagaya Technologies by 58.8% in the 4th quarter. ARK Investment Management LLC now owns 1,489,697 shares of the company’s stock worth $2,056,000 after acquiring an additional 551,520 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Pagaya Technologies in the 1st quarter valued at about $12,686,000. Finally, Hood River Capital Management LLC purchased a new stake in Pagaya Technologies during the first quarter valued at about $9,265,000. 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.