Pagaya Technologies (NASDAQ:PGY) Stock Price Down 5.6% – Here’s Why

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price dropped 5.6% during trading on Wednesday . The company traded as low as $20.24 and last traded at $20.0090. 975,475 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 3,797,082 shares. The stock had previously closed at $21.20.

Wall Street Analyst Weigh In

Several brokerages have commented on PGY. Weiss Ratings raised Pagaya Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 18th. Canaccord Genuity Group boosted their target price on shares of Pagaya Technologies from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. B. Riley Financial increased their price target 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. Citizens Jmp boosted 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. Finally, Texas Capital raised shares of Pagaya Technologies to a “strong-buy” rating in a research report on Wednesday, June 10th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Pagaya Technologies currently has a consensus rating of “Buy” and an average target price of $32.43.

Pagaya Technologies Trading Down 4.6%

The company has a debt-to-equity ratio of 1.12, a current ratio of 11.08 and a quick ratio of 11.08. The business’s 50 day simple moving average is $17.27 and its 200 day simple moving average is $14.91. The stock has a market cap of $1.69 billion, a P/E ratio of 14.88 and a beta of 5.33.

Insider Transactions at Pagaya Technologies

In other Pagaya Technologies news, insider Evangelos Perros sold 11,558 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $16.23, for a total transaction of $187,586.34. Following the completion of the transaction, the insider directly owned 131,241 shares in the company, valued at $2,130,041.43. This represents a 8.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gal Krubiner acquired 16,230 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were bought at an average cost of $15.43 per share, with a total value of $250,428.90. Following the completion of the acquisition, the chief executive officer owned 555,906 shares of the company’s stock, valued at approximately $8,577,629.58. This trade represents a 3.01% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders sold 107,560 shares of company stock valued at $2,011,541. 41.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PGY. AQR Capital Management LLC increased its holdings in Pagaya Technologies by 2,722.3% during the 1st quarter. AQR Capital Management LLC now owns 305,710 shares of the company’s stock valued at $3,204,000 after purchasing an additional 294,878 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Pagaya Technologies by 11.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,288 shares of the company’s stock valued at $653,000 after buying an additional 6,365 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Pagaya Technologies by 320.1% in the first quarter. Millennium Management LLC now owns 1,262,413 shares of the company’s stock valued at $13,230,000 after buying an additional 961,944 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Pagaya Technologies by 26.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,705,245 shares of the company’s stock worth $17,871,000 after buying an additional 359,099 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Pagaya Technologies by 19.0% during the 2nd quarter. Legal & General Group Plc now owns 34,909 shares of the company’s stock worth $744,000 after buying an additional 5,580 shares in the last quarter. Institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

Pagaya Technologies is a financial technology company that applies artificial intelligence and machine learning to the credit and asset management industries. Through its proprietary data-driven platform, Pagaya analyzes vast datasets from consumer credit portfolios to build predictive risk models, enabling institutional investors to gain access to alternative credit products. The company’s solutions streamline underwriting, optimize portfolio construction and facilitate the efficient securitization of consumer loans, credit card receivables and other asset classes.

Founded in 2016 and headquartered in New York, Pagaya has expanded its operations to serve financial institutions and asset managers primarily in the United States.