This cluster is a routine cashless exercise-and-sell pattern with no informational content. The $424K in sales is negligible relative to PGY's $1.8B market cap. Monitor for any upcoming earnings or material events that could trigger a more informative insider pattern, but this filing alone does not warrant action.
Price Chart
Executive Summary
Two Pagaya insiders (President Sanjiv Das and Director Tami Rosen) sold a combined $413K in open-market sales on September 12, 2026, at $20.21 per share. Both sales followed same-day derivative exercises at $0 strike, indicating a cashless exercise-and-sell pattern typical of tax-motivated vesting liquidation rather than a bearish signal. The total open-market sales represent ~0.023% of PGY's $1.8B market cap — a trivial amount that does not warrant a bearish read-through despite the cluster format.
Key Financial Metrics
Key Facts
- President Sanjiv Das sold 13,301 shares ($269K) and exercised 23,750 derivative shares at $0 on 2026-09-12
- Director Tami Rosen sold 7,121 shares ($144K) and exercised 31,250 derivative shares at $0 on 2026-09-12
- CFO Jonathan Dobres exercised 2,250 derivative shares at $0 and sold 582 shares ($12K) on same date
- Total open-market sales: $424K (0.024% of $1.8B market cap)
- All sales occurred on the same day as derivative exercises — consistent with cashless vesting/settlement, not discretionary bearish conviction
Financial Impact
Open-market sales of $424K represent 0.024% of market cap — economically trivial
Risk Factors
- Insider sales could accelerate if stock continues to rally near $20+ levels
- No material risk from this specific cluster given the trivial dollar amounts and non-discretionary pattern
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-PGY-1789511786743 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | Insider Cluster | $18.05 | awaiting T+20 | — | $18.88 (+4.60%) |
Oct 5, 2026 21d ago | 8-K | $18.40 | awaiting T+20 | — | $18.88 (+2.61%) |
Sep 29, 2026 26d ago | Insider Cluster | $17.32 | awaiting T+20 | — | $18.88 (+9.01%) |
Sep 18, 2026 5w ago | Insider Cluster | $20.90 $17.43 | ▲ +16.60% | ▲ +15.70% | $18.88 (+9.67%) |
Sep 15, 2026 5w ago | Insider Cluster | $21.64 $16.81 | ▼ −22.32% | ▼ −24.38% | $18.88 (−12.75%) |
Sep 15, 2026 5w ago | Insider Cluster | $21.64 $16.81 | ▼ −22.32% | ▼ −24.38% | $18.88 (−12.75%) |
Sep 3, 2026 7w ago | 3 | $22.98 $18.40 | ▼ −19.93% | ▼ −20.53% | $18.88 (−17.84%) |
Aug 4, 2026 11w ago | Insider Cluster | $21.92 $20.94 | ▼ −4.47% | ▼ −3.23% | $18.88 (−13.87%) |
Jul 30, 2026 12w ago | 8-K | $17.64 $23.26 | ▲ +31.86% | ▲ +27.89% | $18.88 (+7.03%) |
Jun 29, 2026 17w ago | Insider Cluster | $18.25 $16.96 | ▼ −7.07% | ▼ −6.04% | $18.88 (+3.45%) |
US Market Status
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