Pagaya Technologies (NASDAQ:PGY) Shares Down 2.8%

Pagaya Technologies Ltd. (NASDAQ:PGY) shares dropped 2.8% on Tuesday . The company traded as low as $2.08 and last traded at $2.11. Approximately 710,818 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 4,432,478 shares. The stock had previously closed at $2.17.

Wall Street Analyst Weigh In

PGY has been the subject of a number of recent analyst reports. Benchmark reiterated an “overweight” rating and issued a $6.00 price target on shares of Pagaya Technologies in a research report on Friday. Wedbush upped their target price on shares of Pagaya Technologies from $1.50 to $3.00 and gave the stock a “neutral” rating in a research report on Friday, August 11th. JMP Securities started coverage on shares of Pagaya Technologies in a research report on Monday, August 28th. They set an “outperform” rating and a $2.75 target price for the company. B. Riley started coverage on shares of Pagaya Technologies in a research report on Wednesday, July 26th. They set a “buy” rating and a $4.00 target price for the company. Finally, Canaccord Genuity Group upped their target price on shares of Pagaya Technologies from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Monday, August 14th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $4.66.

Pagaya Technologies Trading Down 9.2 %

The company has a market cap of $1.40 billion, a price-to-earnings ratio of -7.10 and a beta of 7.86. The business has a fifty day simple moving average of $2.12 and a 200 day simple moving average of $1.42. The company has a quick ratio of 3.77, a current ratio of 3.77 and a debt-to-equity ratio of 0.34.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data on Thursday, August 10th. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). The firm had revenue of $185.69 million during the quarter, compared to the consensus estimate of $186.45 million. Pagaya Technologies had a negative return on equity of 11.21% and a negative net margin of 26.78%. On average, equities analysts anticipate that Pagaya Technologies Ltd. will post -0.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Pagaya Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PGY. Orin Green Financial LLC acquired a new stake in shares of Pagaya Technologies in the 4th quarter valued at $26,000. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Pagaya Technologies by 117.1% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 28,635 shares of the company’s stock worth $29,000 after purchasing an additional 15,444 shares during the period. Osaic Holdings Inc. acquired a new stake in shares of Pagaya Technologies during the second quarter worth $29,000. Sanders Morris Harris LLC acquired a new stake in shares of Pagaya Technologies during the second quarter worth $30,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Pagaya Technologies during the fourth quarter worth $31,000. Institutional investors own 57.14% of the company’s stock.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd. operates as a financial technology company in Israel, the United States, and internationally. It primarily develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets. The company's partners include high-growth financial technology companies, incumbent banks and financial institutions, auto finance providers, and residential real estate service providers.