Tami Rosen, Pagaya Technologies Ltd's Chief Development Officer, reported a sale of 5,905 Class A Ordinary Shares on March 12, 2026, at $10.99 per share, for aggregate proceeds of $64,895. The transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission.
On the same day, Rosen recorded the exercise of options covering 15,625 Class A Ordinary Shares at an exercise price of $0. These shares were obtained through the conversion of Restricted Stock Units (RSUs), according to the filing. After completing the sale and the option exercise, Rosen directly holds 47,264 shares of Pagaya Technologies Ltd.
The insider activity takes place while Pagaya's stock trades near a 52-week low of $8.50 and has fallen 73.6% over the past six months, despite a reported price-to-earnings ratio of 11.83. An InvestingPro analysis cited in company materials indicates the stock appears undervalued at current levels and points readers to a Pro Research Report for deeper analysis.
Separately, Pagaya announced the completion of a $400 million auto asset-backed securitization transaction, identified as RPM 2026-1. This was the company’s first such transaction in 2026. The deal attracted more than 20 investors, included a significant portion of repeat participants, and represented a 62% year-over-year increase in investor participation, as described in company communications.
Following Pagaya’s fourth-quarter 2025 earnings, several sell-side analysts adjusted their price targets. Benchmark reduced its target to $33, citing a modest revenue miss and softer-than-expected guidance for the first quarter of 2026. Canaccord Genuity cut its target to $32, referencing the company’s prudent underwriting and emphasis on steady investor returns. Stephens moved its target to $25, noting that Net Income and EPS beat expectations while Volumes and Revenues missed forecasts. Citizens lowered its price target to $22, flagging expectations for slower growth and diminished operating leverage in the coming year. These revisions reflect shifting expectations after the quarter.
Clear summary
- Tami Rosen sold 5,905 Class A shares at $10.99 on March 12, 2026, and exercised options on 15,625 shares obtained through RSU conversion.
- Rosen now directly owns 47,264 shares of Pagaya Technologies Ltd.
- Pagaya closed a $400 million auto asset-backed securitization, RPM 2026-1, with expanded investor participation.
- Multiple analyst price targets were reduced following Q4 2025 results, with targets ranging from $22 to $33.
Context on market metrics and sentiment
The company's share price is trading close to its 52-week low of $8.50 and is down 73.6% over six months, even as the reported P/E ratio stands at 11.83. InvestingPro commentary cited in the company materials characterizes the stock as appearing undervalued and notes availability of a Pro Research Report for more detail.