Pagaya Technologies (NASDAQ:PGY) Trading Down 7.7%

Pagaya Technologies Ltd. (NASDAQ:PGY)’s share price was down 7.7% on Thursday . The company traded as low as $1.37 and last traded at $1.38. Approximately 3,278,561 shares were traded during trading, a decline of 33% from the average daily volume of 4,860,883 shares. The stock had previously closed at $1.49.

Analyst Ratings Changes

PGY has been the subject of a number of analyst reports. Benchmark reaffirmed an “overweight” rating and issued a $6.00 price target on shares of Pagaya Technologies in a report on Friday, September 8th. JMP Securities lowered their price target on shares of Pagaya Technologies from $2.75 to $2.25 and set a “market outperform” rating for the company in a report on Monday, October 16th. Canaccord Genuity Group increased their price target on shares of Pagaya Technologies from $3.00 to $3.50 and gave the company a “buy” rating in a report on Monday, August 14th. B. Riley initiated coverage on shares of Pagaya Technologies in a report on Wednesday, July 26th. They issued a “buy” rating and a $4.00 price target for the company. Finally, Wedbush increased their price target on shares of Pagaya Technologies from $1.50 to $3.00 and gave the company a “neutral” rating in a report on Friday, August 11th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3.35.

Pagaya Technologies Trading Up 6.9 %

The company has a quick ratio of 4.63, a current ratio of 4.63 and a debt-to-equity ratio of 0.49. The firm has a market cap of $985.38 million, a P/E ratio of -6.62 and a beta of 7.91. The company’s 50 day simple moving average is $1.46 and its 200-day simple moving average is $1.57.

Hedge Funds Weigh In On Pagaya Technologies

A number of institutional investors have recently modified their holdings of PGY. Millennium Management LLC purchased a new position in shares of Pagaya Technologies during the second quarter worth approximately $301,000. Jane Street Group LLC purchased a new position in Pagaya Technologies during the second quarter valued at approximately $103,000. ExodusPoint Capital Management LP purchased a new position in Pagaya Technologies during the second quarter valued at approximately $113,000. HRT Financial LP purchased a new position in Pagaya Technologies during the fourth quarter valued at approximately $66,000. Finally, JPMorgan Chase & Co. increased its holdings in Pagaya Technologies by 299,769.2% during the fourth quarter. JPMorgan Chase & Co. now owns 584,745 shares of the company’s stock valued at $725,000 after buying an additional 584,550 shares during the period. 57.14% of the stock is owned by hedge funds and other institutional investors.

About Pagaya Technologies

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.