Core Viewpoint - Pagaya Technologies Ltd. (NASDAQ:PGY) has received an "Overweight" rating from Stephens, with a revised price target of $25, down from $33, despite a significant drop in stock price [1][6]. Financial Performance - Pagaya reported total revenue and other income of $335 million for the latest quarter, representing a 20% year-over-year increase, but this was below analysts' expectations of nearly $349 million [2]. - The company's non-GAAP net income surged nearly sixfold to approximately $78.8 million, or $0.80 per share, significantly exceeding the consensus estimate of $0.35 per share [4][6]. Stock Performance - The stock price of PGY is currently $14.19, reflecting a decrease of $4.45 or approximately 23.87% [5]. - During the trading day, PGY fluctuated between a low of $13.50 and a high of $15.29, with a market capitalization of approximately $1.14 billion and a trading volume of 23,772,868 shares on NASDAQ [5]. Network Volume - Pagaya's network volume saw a modest increase of 3%, reaching $2.7 billion, which, combined with the revenue shortfall, raised investor concerns [3].