The cluster of open-market sales by the President and CFO, following derivative exercises, suggests insiders are monetizing equity awards at current prices. Monitor next earnings for any guidance revision or operational update that could explain the coordinated selling pattern.
Price Chart
Executive Summary
Three Pagaya insiders (President, CFO, Director) sold a total of ~$488K in open-market sales over a week, with the President alone accounting for $269K. The sales follow derivative exercises and are modest relative to market cap, but the cluster of open-market selling by senior executives is notable.
Key Financial Metrics
Key Facts
- President Sanjiv Das sold 13,301 shares at $20.21 for $268,813 on 2026-09-12
- CFO Jonathan Dobres sold 2,183 shares at $21.04 for $45,930 on 2026-09-17
- Director Tami Rosen sold 7,121 shares at $20.21 for $143,915 on 2026-09-12
- Total open-market sales: ~$488K across 3 insiders in a 6-day window
- All three insiders also exercised derivatives (non-cash) on the same day (2026-09-12), converting options to shares before selling
Financial Impact
Total insider sales of ~$488K represent approximately 0.15% of market cap (based on ~$326M market cap implied by ~$20.21 price and ~16M shares outstanding). This is modest but not trivial.
Risk Factors
- Insider selling by senior executives may signal lack of confidence in near-term stock performance
- Derivative exercises followed by immediate sales indicate cash-out rather than long-term holding
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-PGY-1789766368608 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 20d ago | Insider Cluster | $18.05 | awaiting T+20 | — | $18.70 (+3.60%) |
Oct 5, 2026 21d ago | 8-K | $18.40 | awaiting T+20 | — | $18.70 (+1.63%) |
Sep 29, 2026 26d ago | Insider Cluster | $17.32 | awaiting T+20 | — | $18.70 (+7.97%) |
Sep 18, 2026 5w ago | Insider Cluster | $20.90 $17.43 | ▲ +16.60% | ▲ +15.70% | $18.70 (+10.53%) |
Sep 15, 2026 5w ago | Insider Cluster | $21.64 $16.81 | ▼ −22.32% | ▼ −24.38% | $18.70 (−13.59%) |
Sep 15, 2026 5w ago | Insider Cluster | $21.64 $16.81 | ▼ −22.32% | ▼ −24.38% | $18.70 (−13.59%) |
Sep 3, 2026 7w ago | 3 | $22.98 $18.40 | ▼ −19.93% | ▼ −20.53% | $18.70 (−18.62%) |
Aug 4, 2026 11w ago | Insider Cluster | $21.92 $20.94 | ▼ −4.47% | ▼ −3.23% | $18.70 (−14.69%) |
Jul 30, 2026 12w ago | 8-K | $17.64 $23.26 | ▲ +31.86% | ▲ +27.89% | $18.70 (+6.01%) |
Jun 29, 2026 16w ago | Insider Cluster | $18.25 $16.96 | ▼ −7.07% | ▼ −6.04% | $18.70 (+2.47%) |
US Market Status
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