Pagaya Technologies (NASDAQ:PGY) Shares Gap Down – Here’s Why

Shares of Pagaya Technologies Ltd. (NASDAQ:PGYGet Free Report) gapped down prior to trading on Friday . The stock had previously closed at $18.46, but opened at $17.50. Pagaya Technologies shares last traded at $17.67, with a volume of 731,046 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PGY shares. Benchmark reaffirmed a “buy” rating and issued a $25.00 target price on shares of Pagaya Technologies in a report on Monday, March 17th. Stephens started coverage on Pagaya Technologies in a report on Thursday. They issued an “overweight” rating and a $22.00 target price for the company. Finally, B. Riley reiterated a “buy” rating and issued a $36.00 price objective on shares of Pagaya Technologies in a research note on Monday, March 17th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pagaya Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $20.75.

Check Out Our Latest Analysis on PGY

Pagaya Technologies Stock Down 2.8%

The company has a debt-to-equity ratio of 0.82, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a market capitalization of $1.36 billion, a P/E ratio of -3.26 and a beta of 5.93. The stock has a fifty day moving average price of $13.45 and a 200 day moving average price of $11.63.

Insider Activity at Pagaya Technologies

In related news, insider Yahav Yulzari sold 238,004 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $15.16, for a total transaction of $3,608,140.64. Following the sale, the insider now directly owns 4,346,141 shares in the company, valued at approximately $65,887,497.56. The trade was a 5.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tami Rosen sold 13,814 shares of the business’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $17.68, for a total value of $244,231.52. Following the sale, the insider now owns 38,181 shares in the company, valued at approximately $675,040.08. The trade was a 26.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 533,737 shares of company stock worth $8,114,410. 47.59% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pagaya Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtus Advisers LLC purchased a new stake in shares of Pagaya Technologies in the first quarter worth $35,000. GAMMA Investing LLC raised its position in shares of Pagaya Technologies by 5,431.3% in the first quarter. GAMMA Investing LLC now owns 4,425 shares of the company’s stock worth $46,000 after buying an additional 4,345 shares in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Pagaya Technologies in the fourth quarter worth $43,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Pagaya Technologies in the fourth quarter worth $67,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Pagaya Technologies in the fourth quarter worth $93,000. Hedge funds and other institutional investors own 57.14% of the company’s stock.

About Pagaya Technologies

(Get Free Report)

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.

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