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

12 Nov 2024, 15:01 by Jessica Moore · The Cerbat Gem

Pagaya Technologies Ltd. (NASDAQ:PGY – Get Free Report)’s share price gapped down prior to trading 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 changing hands.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Oppenheimer assumed coverage on Pagaya Technologies in a report on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 price target on the stock. B. Riley cut their price target on Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Wedbush restated a “neutral” rating and issued a $13.00 price target on shares of Pagaya Technologies in a report on Monday, August 12th. JMP Securities restated a “market outperform” rating and issued a $25.00 price target on shares of Pagaya Technologies in a report on Tuesday, September 3rd. Finally, Benchmark reiterated a “buy” rating and set a $21.00 target price on shares of Pagaya Technologies in a report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Pagaya Technologies has an average rating of “Moderate Buy” and an average target price of $22.89.

Get Our Latest Analysis on Pagaya Technologies

Pagaya Technologies Stock Performance

The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average of $11.74 and a 200-day moving average of $12.35. The firm has a market capitalization of $789.25 million, a P/E ratio of -5.52 and a beta of 6.33.

Pagaya Technologies (NASDAQ:PGY – Get Free Report) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.11). Pagaya Technologies had a negative net margin of 14.58% and a negative return on equity of 3.10%. The business had revenue of $250.34 million during the quarter, compared to the consensus estimate of $239.16 million. On average, equities analysts anticipate that Pagaya Technologies Ltd. will post -0.09 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Yahav Yulzari bought 23,600 shares of the stock in a transaction dated Monday, September 30th. The stock was purchased at an average price of $10.52 per share, for a total transaction of $248,272.00. Following the acquisition, the insider now owns 311,637 shares of the company’s stock, valued at $3,278,421.24. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Pagaya Technologies news, insider Yahav Yulzari purchased 23,600 shares of Pagaya Technologies stock in a transaction dated Monday, September 30th. The stock was acquired at an average price of $10.52 per share, for a total transaction of $248,272.00. Following the acquisition, the insider now owns 311,637 shares in the company, valued at $3,278,421.24. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Sanjiv Das sold 10,683 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $11.77, for a total transaction of $125,738.91. Following the completion of the sale, the president now directly owns 64,794 shares in the company, valued at $762,625.38. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,045 shares of company stock valued at $430,982. Insiders own 19.70% of the company’s stock.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hood River Capital Management LLC acquired a new position in shares of Pagaya Technologies during the 1st quarter valued at about $9,265,000. Yarra Square Partners LP boosted its position in shares of Pagaya Technologies by 29.9% in the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock valued at $7,903,000 after purchasing an additional 142,500 shares during the period. ARK Investment Management LLC boosted its position in Pagaya Technologies by 36.2% during the 2nd quarter. ARK Investment Management LLC now owns 221,810 shares of the company’s stock worth $2,830,000 after acquiring an additional 58,939 shares during the period. Millennium Management LLC raised its stake in shares of Pagaya Technologies by 455.9% in the 2nd quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock valued at $2,789,000 after acquiring an additional 179,235 shares in the last quarter. Finally, Divisadero Street Capital Management LP bought a new stake in shares of Pagaya Technologies during the second quarter valued at approximately $2,273,000. 57.14% of the stock is owned by institutional investors and hedge funds.

About Pagaya Technologies

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