ARK Investment Management LLC Sells 81,960 Shares of Pagaya Technologies Ltd. (NASDAQ:PGY)

ARK Investment Management LLC cut its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY) by 37.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 139,850 shares of the company’s stock after selling 81,960 shares during the period. ARK Investment Management LLC’s holdings in Pagaya Technologies were worth $1,478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Cubist Systematic Strategies LLC increased its holdings in Pagaya Technologies by 50.1% during the second quarter. Cubist Systematic Strategies LLC now owns 43,813 shares of the company’s stock worth $559,000 after buying an additional 14,629 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Pagaya Technologies during the 2nd quarter valued at approximately $187,000. Millennium Management LLC increased its stake in shares of Pagaya Technologies by 455.9% during the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after purchasing an additional 179,235 shares during the last quarter. Yarra Square Partners LP raised its holdings in shares of Pagaya Technologies by 29.9% in the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock worth $7,903,000 after purchasing an additional 142,500 shares during the period. Finally, Divisadero Street Capital Management LP purchased a new position in Pagaya Technologies in the second quarter valued at approximately $2,273,000. 57.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. B. Riley decreased their target price on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Wedbush restated a “neutral” rating and issued a $13.00 price objective on shares of Pagaya Technologies in a research note on Monday, August 12th. Oppenheimer initiated coverage on shares of Pagaya Technologies in a report on Tuesday, October 1st. They set an “outperform” rating and a $12.00 price objective on the stock. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Pagaya Technologies in a research note on Wednesday, October 16th. Finally, JMP Securities restated a “market outperform” rating and set a $25.00 price target on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.89.

Pagaya Technologies Price Performance

PGY stock opened at $14.62 on Friday. The firm has a 50 day moving average of $11.71 and a 200-day moving average of $12.26. The firm has a market capitalization of $1.05 billion, a P/E ratio of -7.42 and a beta of 6.33. Pagaya Technologies Ltd. has a 12 month low of $8.56 and a 12 month high of $20.50. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72.

Pagaya Technologies (NASDAQ:PGY) last posted its earnings results on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.11). The firm had revenue of $250.34 million during the quarter, compared to analysts’ expectations of $239.16 million. Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. As a group, sell-side analysts predict that Pagaya Technologies Ltd. will post -0.09 earnings per share for the current fiscal year.

Insider Transactions at Pagaya Technologies

In related news, insider Tami Rosen sold 7,659 shares of Pagaya Technologies stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $12.00, for a total transaction of $91,908.00. Following the completion of the sale, the insider now owns 65,857 shares of the company’s stock, valued at approximately $790,284. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Pagaya Technologies news, President Sanjiv Das sold 10,683 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $11.77, for a total value of $125,738.91. Following the completion of the transaction, the president now owns 64,794 shares of the company’s stock, valued at $762,625.38. The trade was a 0.00 % 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 7,659 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $12.00, for a total transaction of $91,908.00. Following the sale, the insider now owns 65,857 shares in the company, valued at approximately $790,284. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,045 shares of company stock valued at $430,982. 19.70% of the stock is currently owned by company insiders.

Pagaya Technologies 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.