Pagaya Technologies (NASDAQ:PGY) Shares Gap Down on Insider Selling

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) gapped down before the market opened on Tuesday following insider selling activity. 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.

Specifically, insider Yahav Yulzari sold 150,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $15.50, for a total transaction of $2,325,000.00. Following the completion of the sale, the insider now owns 161,637 shares of the company’s stock, valued at $2,505,373.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Tami Rosen sold 7,659 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $12.00, for a total transaction of $91,908.00. Following the completion of the transaction, the insider now directly owns 65,857 shares in the company, valued at approximately $790,284. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PGY shares. Wedbush reiterated a “neutral” rating and set a $13.00 price target on shares of Pagaya Technologies in a research report on Monday, August 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 target price on shares of Pagaya Technologies in a report on Tuesday, September 3rd. Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Pagaya Technologies in a report on Wednesday, October 16th. Oppenheimer started coverage on Pagaya Technologies in a research report on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 target price on the stock. Finally, B. Riley dropped their target price on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a report on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.11.

Pagaya Technologies Trading Down 6.4 %

The business’s fifty day moving average is $11.68 and its 200-day moving average is $12.35. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market cap of $731.13 million, a P/E ratio of -4.01 and a beta of 6.33.

Hedge Funds Weigh In On Pagaya Technologies

Several large investors have recently modified their holdings of the business. MetLife Investment Management LLC increased its holdings in Pagaya Technologies by 161.1% in the third quarter. MetLife Investment Management LLC now owns 27,232 shares of the company’s stock valued at $288,000 after purchasing an additional 16,804 shares during the period. BNP Paribas Financial Markets raised its position in shares of Pagaya Technologies by 48.4% during the third quarter. BNP Paribas Financial Markets now owns 9,757 shares of the company’s stock worth $103,000 after acquiring an additional 3,181 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Pagaya Technologies in the third quarter worth approximately $787,000. FMR LLC boosted its holdings in Pagaya Technologies by 8.3% in the third quarter. FMR LLC now owns 524,570 shares of the company’s stock valued at $5,545,000 after acquiring an additional 40,031 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Pagaya Technologies by 13.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,614 shares of the company’s stock worth $176,000 after purchasing an additional 1,937 shares during the last quarter. Institutional investors own 57.14% of the company’s stock.

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.