Pagaya Technologies (NASDAQ:PGY) Shares Gap Down on Insider Selling

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $16.89, but opened at $12.27. Pagaya Technologies shares last traded at $11.52, with a volume of 4,003,911 shares trading hands.

Specifically, insider Yahav Yulzari sold 150,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.50, for a total value of $2,325,000.00. Following the completion of the sale, the insider now owns 161,637 shares in the company, valued at approximately $2,505,373.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Tami Rosen sold 7,659 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $12.00, for a total value of $91,908.00. Following the transaction, 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.

Analysts Set New Price Targets

PGY has been the topic of a number of analyst reports. Canaccord Genuity Group cut their price target on shares of Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday. Wedbush reissued a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a research report on Monday, August 12th. Benchmark reissued a “buy” rating and issued a $21.00 price target on shares of Pagaya Technologies in a report on Wednesday, October 16th. B. Riley dropped their price objective on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Finally, Oppenheimer initiated coverage on Pagaya Technologies in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 target price for the company. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.11.

Pagaya Technologies Stock Performance

The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50. The stock has a 50-day moving average of $11.68 and a 200-day moving average of $12.35. The firm has a market cap of $731.13 million, a price-to-earnings ratio of -4.01 and a beta of 6.33.

Institutional Trading of Pagaya Technologies

Institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company boosted its position in Pagaya Technologies by 13.2% during the third quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock valued at $176,000 after purchasing an additional 1,937 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Pagaya Technologies by 48.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock worth $103,000 after purchasing an additional 3,181 shares in the last quarter. nVerses Capital LLC bought a new stake in Pagaya Technologies in the 2nd quarter valued at about $74,000. SG Americas Securities LLC acquired a new position in shares of Pagaya Technologies during the 2nd quarter worth approximately $101,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Pagaya Technologies during the second quarter worth approximately $166,000. Institutional investors own 57.14% of the company’s stock.

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.