Pagaya Technologies (NASDAQ:PGY) Shares Gap Down – What’s Next?

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price gapped down prior to trading on Thursday. The stock had previously closed at $20.47, but opened at $17.02. Pagaya Technologies shares last traded at $20.2720, with a volume of 616,834 shares.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Citizens Jmp upped their price target on Pagaya Technologies from $22.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, July 31st. Zacks Research downgraded Pagaya Technologies from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. TD Cowen reduced their price target on shares of Pagaya Technologies from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, October 6th. Canaccord Genuity Group boosted their price objective on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, B. Riley Financial increased their price objective on shares of Pagaya Technologies from $32.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $31.12.

Pagaya Technologies Stock Up 1.1%

The company has a quick ratio of 11.08, a current ratio of 11.08 and a debt-to-equity ratio of 1.12. The company has a market cap of $1.73 billion, a P/E ratio of 15.15 and a beta of 5.50. The company has a fifty day moving average of $19.76 and a 200 day moving average of $16.63.

Pagaya Technologies (NASDAQ:PGY) last posted its earnings results on Thursday, October 29th. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.60. Pagaya Technologies had a return on equity of 51.56% and a net margin of 9.12%. The company had revenue of $390.49 million for the quarter, compared to the consensus estimate of $382.10 million. During the same quarter in the prior year, the company earned $1.02 earnings per share. Pagaya Technologies’s revenue was up 11.5% on a year-over-year basis. On average, research analysts anticipate that Pagaya Technologies Ltd. will post 3.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Pagaya Technologies news, CAO Cory Vieira sold 2,170 shares of the company’s stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $17.04, for a total transaction of $36,976.80. Following the completion of the sale, the chief accounting officer directly owned 25,160 shares of the company’s stock, valued at approximately $428,726.40. This represents a 7.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Sanjiv Das sold 21,289 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $22.00, for a total transaction of $468,358.00. Following the completion of the transaction, the president owned 144,186 shares in the company, valued at $3,172,092. The trade was a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 98,117 shares of company stock valued at $2,019,059. 41.99% of the stock is owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of hedge funds have recently modified their holdings of the company. Engineers Gate Manager LP boosted its position in shares of Pagaya Technologies by 158.5% during the second quarter. Engineers Gate Manager LP now owns 130,172 shares of the company’s stock worth $2,376,000 after acquiring an additional 79,810 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Pagaya Technologies by 4,562.7% during the 1st quarter. Empowered Funds LLC now owns 116,661 shares of the company’s stock valued at $1,359,000 after acquiring an additional 114,159 shares during the last quarter. SPX Gestao de Recursos Ltda grew its holdings in shares of Pagaya Technologies by 49.7% in the first quarter. SPX Gestao de Recursos Ltda now owns 180,100 shares of the company’s stock valued at $2,098,000 after purchasing an additional 59,800 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of Pagaya Technologies by 614.7% in the second quarter. Squarepoint Ops LLC now owns 252,036 shares of the company’s stock valued at $4,600,000 after purchasing an additional 216,770 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Pagaya Technologies in the first quarter worth $1,426,000. 57.14% of the stock is currently owned by institutional investors.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. is a financial technology company that uses artificial intelligence and machine learning to help financial institutions expand access to credit and other financial products. Its technology platform analyzes large volumes of data to evaluate assets, identify investment opportunities and support lending decisions.

The company works with banks, lenders and other financial institutions, as well as institutional investors. Through its network-based platform, Pagaya helps partners originate loans and other assets while connecting those assets with institutional funding and capital markets solutions.