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

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price gapped down before the market opened on Tuesday . 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 traded.

Wall Street Analyst Weigh In

PGY has been the topic of several research analyst reports. Wedbush reaffirmed a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a research note on Monday, August 12th. JMP Securities reissued a “market outperform” rating and issued a $25.00 target price on shares of Pagaya Technologies in a research note on Tuesday, September 3rd. Canaccord Genuity Group decreased their target price on shares of Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Pagaya Technologies in a report on Wednesday, October 16th. Finally, Oppenheimer began coverage on shares of Pagaya Technologies in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.89.

Pagaya Technologies Stock Performance

The company has a market capitalization of $789.25 million, a P/E ratio of -5.52 and a beta of 6.33. The stock has a fifty day simple moving average of $11.74 and a 200-day simple moving average of $12.35. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.72.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data 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 business had revenue of $250.34 million during the quarter, compared to analyst estimates of $239.16 million. Pagaya Technologies had a negative net margin of 14.58% and a negative return on equity of 3.10%. Equities analysts forecast that Pagaya Technologies Ltd. will post -0.09 EPS for the current year.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, insider Yahav Yulzari acquired 23,600 shares of the business’s stock in a transaction on Monday, September 30th. The shares were acquired at an average price of $10.52 per share, with a total value of $248,272.00. Following the completion of the transaction, the insider now owns 311,637 shares in the company, valued at approximately $3,278,421.24. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Yahav Yulzari bought 23,600 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was purchased at an average price of $10.52 per share, with a total value of $248,272.00. Following the transaction, the insider now owns 311,637 shares of the company’s stock, valued at approximately $3,278,421.24. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tami Rosen sold 17,570 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $12.06, for a total value of $211,894.20. Following the sale, the insider now owns 73,516 shares in the company, valued at approximately $886,602.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,045 shares of company stock valued at $430,982 over the last ninety days. 19.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds have recently made changes to their positions in PGY. nVerses Capital LLC acquired a new stake in shares of Pagaya Technologies in the second quarter valued at about $74,000. SG Americas Securities LLC purchased a new position in Pagaya Technologies in the 2nd quarter valued at $101,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Pagaya Technologies during the 2nd quarter worth $166,000. The Manufacturers Life Insurance Company acquired a new position in shares of Pagaya Technologies during the 2nd quarter worth $187,000. Finally, Castle Hook Partners LP acquired a new position in shares of Pagaya Technologies during the 1st quarter valued at about $188,000. 57.14% of the stock is owned by institutional investors and hedge funds.

Pagaya Technologies Company 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.