Pagaya Technologies (NASDAQ:PGY) Stock Price Down 11.3% – Time to Sell?

Pagaya Technologies Ltd. (NASDAQ:PGY) was down 11.3% during mid-day trading on Tuesday . The company traded as low as $12.06 and last traded at $11.54. Approximately 2,934,622 shares changed hands during trading, an increase of 66% from the average daily volume of 1,766,501 shares. The stock had previously closed at $13.01.

Wall Street Analysts Forecast Growth

PGY has been the topic of several research analyst reports. Canaccord Genuity Group lowered their price target on Pagaya Technologies from $32.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. UBS Group started coverage on Pagaya Technologies in a report on Friday, December 20th. They set a “neutral” rating and a $11.00 target price on the stock. Benchmark reissued a “buy” rating and issued a $21.00 price target on shares of Pagaya Technologies in a report on Wednesday, October 16th. Finally, Citigroup raised shares of Pagaya Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $13.00 to $14.50 in a research note on Friday. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $20.06.

Pagaya Technologies Stock Down 10.6 %

The business’s 50 day simple moving average is $9.63 and its 200 day simple moving average is $11.13. The company has a market capitalization of $856.30 million, a PE ratio of -4.56 and a beta of 6.09. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.82.

Insider Activity at Pagaya Technologies

In related news, CFO Evangelos Perros sold 21,305 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $9.97, for a total value of $212,410.85. Following the completion of the sale, the chief financial officer now directly owns 54,029 shares of the company’s stock, valued at approximately $538,669.13. This represents a 28.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tami Rosen sold 21,547 shares of Pagaya Technologies stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $9.97, for a total value of $214,823.59. Following the transaction, the insider now directly owns 73,550 shares in the company, valued at approximately $733,293.50. This trade represents a 22.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,323 shares of company stock worth $674,844. 49.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its position in Pagaya Technologies by 455.9% in the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after acquiring an additional 179,235 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Pagaya Technologies in the 2nd quarter valued at $187,000. GSA Capital Partners LLP bought a new stake in Pagaya Technologies in the third quarter worth $374,000. Intech Investment Management LLC acquired a new position in Pagaya Technologies during the third quarter worth $191,000. Finally, Charles Schwab Investment Management Inc. increased its position in Pagaya Technologies by 17.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 111,991 shares of the company’s stock worth $1,184,000 after buying an additional 16,533 shares during the last quarter. Institutional investors and hedge funds own 57.14% of the company’s stock.

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.