ARK Investment Management LLC Has $1.48 Million Holdings in Pagaya Technologies Ltd. (NASDAQ:PGY)

ARK Investment Management LLC lessened its holdings in Pagaya Technologies Ltd. (NASDAQ:PGY) by 37.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 139,850 shares of the company’s stock after selling 81,960 shares during the period. ARK Investment Management LLC owned about 0.19% of Pagaya Technologies worth $1,478,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PGY. nVerses Capital LLC bought a new stake in Pagaya Technologies during the 2nd quarter worth $74,000. SG Americas Securities LLC bought a new stake in shares of Pagaya Technologies during the second quarter worth about $101,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Pagaya Technologies in the second quarter valued at approximately $166,000. The Manufacturers Life Insurance Company acquired a new position in shares of Pagaya Technologies in the second quarter valued at approximately $187,000. Finally, Castle Hook Partners LP bought a new position in Pagaya Technologies in the 1st quarter valued at approximately $188,000. Institutional investors and hedge funds own 57.14% of the company’s stock.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, insider Yahav Yulzari acquired 23,600 shares of the stock in a transaction on Monday, September 30th. The shares were purchased at an average price of $10.52 per share, for a total transaction of $248,272.00. Following the completion of the acquisition, the insider now owns 311,637 shares in the company, valued at approximately $3,278,421.24. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, President Sanjiv Das sold 10,683 shares of Pagaya Technologies stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $11.77, for a total transaction of $125,738.91. Following the transaction, the president now owns 64,794 shares of the company’s stock, valued at $762,625.38. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Yahav Yulzari purchased 23,600 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average price of $10.52 per share, with a total value of $248,272.00. Following the acquisition, the insider now directly owns 311,637 shares of the company’s stock, valued at $3,278,421.24. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 36,045 shares of company stock valued at $430,982. 19.70% of the stock is owned by company insiders.

Pagaya Technologies Stock Performance

Shares of PGY opened at $14.62 on Friday. Pagaya Technologies Ltd. has a one year low of $8.56 and a one year high of $20.50. The company has a market cap of $1.05 billion, a PE ratio of -7.42 and a beta of 6.33. The stock has a 50-day moving average of $11.71 and a 200-day moving average of $12.26. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.50 and a quick ratio of 1.50.

Pagaya Technologies (NASDAQ:PGY) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $250.34 million during the quarter, compared to analyst estimates of $239.16 million. On average, equities research analysts predict that Pagaya Technologies Ltd. will post -0.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PGY has been the subject of several recent research reports. B. Riley decreased their price target on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, September 30th. JMP Securities reaffirmed a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Benchmark reaffirmed a “buy” rating and set a $21.00 target price on shares of Pagaya Technologies in a report on Wednesday, October 16th. Oppenheimer started coverage on Pagaya Technologies in a research note on Tuesday, October 1st. They issued an “outperform” rating and a $12.00 price target for the company. Finally, Canaccord Genuity Group cut their price objective on Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Two investment 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 stock presently has an average rating of “Moderate Buy” and an average target price of $22.89.

Pagaya Technologies 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.