Transaction details
Chief Financial Officer Evangelos Perros executed an insider sale of 13,004 Class A Ordinary Shares of Pagaya Technologies Ltd. (NASDAQ: PGY) on April 1, 2026, at a price of $11.34 per share. The sale generated proceeds of roughly $147,465. At the time of reporting the company’s shares were trading at $11.78, representing a 62% decline over the prior six months.
Context of the sale
The share disposition followed a vesting event in which Perros converted 22,766 restricted stock units into Class A Ordinary Shares. After completing the sale, Perros holds 122,174 shares of Pagaya Technologies Ltd. directly.
Market commentary from InvestingPro
InvestingPro analysis cited in the company reporting indicates that the stock appears undervalued at current levels. The platform also flags elevated stock price volatility as a consideration for investors and notes there are 10 additional ProTips available for PGY subscribers.
Company financing and securitization activity
Separately, Pagaya has advanced its auto finance programs with two sizable transactions. The company closed a $450 million auto loan resecuritization using its RPM-R platform, a deal that involved 17 investors and is described as part of an effort to expand its auto loan resecuritization program. Pagaya also completed a $400 million auto asset-backed securitization, its first such transaction in 2026, which drew participation from more than 20 investors and was highlighted by a reported 62% year-over-year increase in investor participation.
Analyst adjustments
Benchmark retained a Buy rating on Pagaya but cut its price target to $33 from $48, citing slower growth after a modest revenue miss in Pagaya’s fourth-quarter 2025 earnings report and softer-than-expected guidance for the first quarter of 2026. Citizens maintained a Market Outperform rating with a $22 price target following conversations with Pagaya’s management.
Takeaway
Perros’s sale, which followed RSU vesting, coincides with significant securitization activity for Pagaya and revised analyst expectations following recent earnings and guidance. The combination of insider activity, capital markets transactions, and evolving analyst views underscores active financial and market dynamics around the company.
Key points
- Pagaya CFO Evangelos Perros sold 13,004 Class A shares on April 1, 2026, at $11.34 per share, for about $147,465.
- The sale followed conversion of 22,766 restricted stock units; Perros now directly owns 122,174 shares.
- Pagaya completed a $450 million auto loan resecuritization and a $400 million auto ABS, while analysts adjusted price targets after recent results.
Risks and uncertainties
- Stock price volatility - InvestingPro highlights that PGY has volatile price movements, which investors should consider.
- Operational and growth risk - Benchmark reduced its price target citing slower growth after a modest revenue miss and softer guidance for Q1 2026.
- Market and investor sentiment - Analysts revised expectations and price targets, reflecting sensitivity to recent earnings and market conditions that could affect funding and investor participation.