Pagaya Technologies (NASDAQ:PGY) Trading Down 11.1%

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price dropped 11.1% on Monday . The stock traded as low as $11.51 and last traded at $12.06. Approximately 66,170 shares changed hands during trading, a decline of 94% from the average daily volume of 1,114,981 shares. The stock had previously closed at $13.57.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Citigroup began coverage on Pagaya Technologies in a report on Friday, May 24th. They set a “neutral” rating and a $14.00 price target for the company. JMP Securities reiterated a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a research note on Friday, June 7th. Benchmark reissued a “buy” rating and issued a $22.00 price target on shares of Pagaya Technologies in a report on Friday, May 10th. Keefe, Bruyette & Woods initiated coverage on Pagaya Technologies in a report on Monday, June 17th. They set an “outperform” rating and a $23.00 price objective for the company. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $42.00 target price on shares of Pagaya Technologies in a research note on Thursday, May 9th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.93.

Pagaya Technologies Stock Performance

The stock has a market cap of $977.71 million, a P/E ratio of -10.24 and a beta of 6.44. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.61. The stock has a 50 day simple moving average of $13.08 and a 200 day simple moving average of $12.75.

Pagaya Technologies (NASDAQ:PGY) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). Pagaya Technologies had a negative net margin of 10.53% and a negative return on equity of 4.23%. The company had revenue of $237.00 million during the quarter, compared to analyst estimates of $229.45 million. During the same period last year, the firm earned ($0.48) EPS. On average, equities analysts expect that Pagaya Technologies Ltd. will post -0.17 earnings per share for the current year.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, CFO Evangelos Perros sold 11,293 shares of the company’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $12.15, for a total transaction of $137,209.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Pagaya Technologies news, CFO Evangelos Perros sold 11,293 shares of the business’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $12.15, for a total transaction of $137,209.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Nicole Torraco sold 4,743 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $12.04, for a total transaction of $57,105.72. The disclosure for this sale can be found here. Insiders have sold 16,236 shares of company stock valued at $197,438 over the last three months. 19.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors have recently modified their holdings of the company. Rhumbline Advisers acquired a new stake in shares of Pagaya Technologies in the 2nd quarter worth about $781,000. nVerses Capital LLC bought a new stake in Pagaya Technologies during the 2nd quarter worth approximately $74,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Pagaya Technologies in the second quarter worth approximately $166,000. ARK Investment Management LLC raised its stake in shares of Pagaya Technologies by 36.2% in the second quarter. ARK Investment Management LLC now owns 221,810 shares of the company’s stock worth $2,830,000 after purchasing an additional 58,939 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Pagaya Technologies in the second quarter valued at approximately $1,564,000. 57.14% of the stock is owned by institutional investors and hedge funds.

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.