Figure Technology Solutions (NASDAQ:FIGR) Shares Up 8% – Here’s What Happened

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s stock price shot up 8% during trading on Thursday . The stock traded as high as $40.69 and last traded at $40.27. 451,013 shares traded hands during trading, a decline of 85% from the average session volume of 2,980,693 shares. The stock had previously closed at $37.29.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FIGR shares. Zacks Research upgraded Figure Technology Solutions to a “hold” rating in a research report on Tuesday, October 7th. Mizuho lifted their target price on Figure Technology Solutions from $47.00 to $56.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Needham & Company LLC reiterated a “buy” rating and issued a $51.00 price target on shares of Figure Technology Solutions in a research report on Monday, November 17th. Bank of America raised their price objective on shares of Figure Technology Solutions from $41.00 to $47.00 and gave the company a “neutral” rating in a research report on Monday, November 17th. Finally, Wall Street Zen upgraded shares of Figure Technology Solutions to a “hold” rating in a report on Monday, September 22nd. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.38.

Figure Technology Solutions Stock Up 6.2%

The firm’s 50-day simple moving average is $38.89.

Figure Technology Solutions (NASDAQ:FIGR) last posted its quarterly earnings data on Thursday, November 13th. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.18. The firm had revenue of $156.03 million for the quarter.

Insiders Place Their Bets

In related news, Director Michael Scott Cagney sold 200,058 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total value of $7,882,285.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider David Todd Stevens sold 40,000 shares of Figure Technology Solutions stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $35.22, for a total transaction of $1,408,800.00. Following the transaction, the insider owned 489,000 shares in the company, valued at approximately $17,222,580. The trade was a 7.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,344,073 shares of company stock worth $123,816,526 in the last quarter.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Ameritas Advisory Services LLC acquired a new stake in Figure Technology Solutions during the third quarter valued at $200,000. Zweig DiMenna Associates LLC acquired a new stake in shares of Figure Technology Solutions during the 3rd quarter valued at about $10,711,000. SBI Securities Co. Ltd. acquired a new stake in shares of Figure Technology Solutions during the 3rd quarter valued at about $66,000. Mutual Advisors LLC bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $1,446,000. Finally, Federated Hermes Inc. acquired a new position in Figure Technology Solutions in the third quarter worth approximately $8,183,000.

Figure Technology Solutions Company Profile

Figure is building the future of capital markets using blockchain-based technology. Figure’s proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $4 trillion cryptocurrency and digital asset market.