Pagaya Technologies (NASDAQ: PGY) recorded a transaction on March 12, 2026, in which Chief Financial Officer Evangelos Perros sold 8,425 Class A Ordinary Shares at $10.99 per share, producing proceeds of $92,590. The sale was reported on a Form 4 filed with the Securities and Exchange Commission and, according to the filing, the shares were sold specifically to cover tax withholding obligations associated with the vesting of a compensatory award.
On the same day, Perros also completed the exercise of options that produced 20,625 Class A Ordinary Shares at a $0.00 exercise price. Those shares were obtained through the vesting of Restricted Stock Units. After both the sale and the exercise were processed, Perros’ direct ownership in the company stood at 112,412 shares.
The insider transaction comes as Pagaya’s share price was trading at $10.99, a level reflecting a 73.8% decline over the previous six months. Separately, InvestingPro analysis cited in filings indicates the stock is trading below its assessed Fair Value and the company holds a "GREAT" financial health score of 3.18 out of 5. For investors seeking additional context, detailed Pro Research Reports covering Pagaya and other U.S. equities are offered through the InvestingPro service.
Corporate activity outside the insider filing also featured prominently in recent company disclosures. Pagaya announced the closing of a $400 million auto asset-backed securitization transaction, labeled RPM 2026-1. The transaction included participation from more than 20 investors and the company reported a 62% year-over-year increase in investor involvement for the deal, marking Pagaya’s first auto ABS transaction of 2026.
Market analysts reacted to Pagaya’s fourth-quarter 2025 results with adjustments to price targets and outlooks. Benchmark lowered its target to $33, citing a modest revenue miss and softer-than-expected guidance for the first quarter of 2026. Canaccord Genuity set a target of $32, noting Pagaya’s network volume of $2.7 billion and calling attention to the company’s cautious underwriting practices. Stephens trimmed its price target to $25 after the earnings release, which showed Net Income and EPS beating expectations even as volumes and revenues lagged. Citizens reduced its price target to $22 and referenced expectations of slower growth and diminished operating leverage over the coming year. Collectively, these analyst moves reflect the market’s recalibration of near-term performance assumptions.
Perros’ sale to satisfy tax obligations, the simultaneous conversion of RSUs into shares, the company’s securitization activity, and multiple analyst price-target reductions together paint a picture of a firm experiencing active capital markets engagement while operating in an environment of pronounced share-price volatility. The Form 4 filing documents the insider mechanics of the transaction and the company disclosures enumerate recent financing and operational metrics; neither source in the filings implies changes to Pagaya’s fundamental reporting beyond the items stated.
Additional context included in filings:
- Sale details: 8,425 Class A shares sold on March 12, 2026, at $10.99 each, totaling $92,590.
- Exercise and vesting: 20,625 shares obtained through RSU vesting at a $0.00 exercise price on the same date.
- Post-transaction ownership: Perros directly owns 112,412 shares.
- Company activity: Closed RPM 2026-1, a $400 million auto ABS securitization with participation from over 20 investors and a reported 62% year-over-year increase in investor involvement.
- Analyst adjustments: Benchmark ($33), Canaccord Genuity ($32), Stephens ($25), and Citizens ($22) revised price targets following the fourth-quarter 2025 results.