Figure Technology Solutions (NASDAQ:FIGR) Trading Up 7.2% Following Analyst Upgrade

Figure Technology Solutions, Inc. (NASDAQ:FIGR) rose 7.2% on Tuesday after The Goldman Sachs Group raised their price target on the stock from $51.00 to $58.00. The Goldman Sachs Group currently has a buy rating on the stock. Figure Technology Solutions traded as high as $56.24 and last traded at $55.98. Approximately 2,301,388 shares changed hands during trading, a decline of 49% from the average daily volume of 4,499,885 shares. The stock had previously closed at $52.23.

Other equities research analysts have also recently issued research reports about the company. Bank of America raised their target price on Figure Technology Solutions from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Monday, November 17th. Jefferies Financial Group started coverage on shares of Figure Technology Solutions in a research report on Monday, October 6th. They set a “hold” rating and a $40.00 target price on the stock. Keefe, Bruyette & Woods raised their price target on shares of Figure Technology Solutions from $52.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, January 8th. Piper Sandler increased their price objective on shares of Figure Technology Solutions from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Figure Technology Solutions in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.13.

Insider Activity

In other news, CEO Michael Benjamin Tannenbaum sold 908,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $39.19, for a total value of $35,584,520.00. Following the transaction, the chief executive officer owned 3,921,366 shares in the company, valued at $153,678,333.54. The trade was a 18.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael Scott Cagney sold 500,000 shares of Figure Technology Solutions stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $36.22, for a total value of $18,110,000.00. Following the sale, the director owned 6,378,993 shares in the company, valued at $231,047,126.46. The trade was a 7.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 3,344,073 shares of company stock worth $123,816,526 in the last quarter.

Hedge Funds Weigh In On Figure Technology Solutions

Several institutional investors have recently bought and sold shares of FIGR. Orland Properties Ltd bought a new position in Figure Technology Solutions during the third quarter valued at $319,187,000. Vanguard Group Inc. bought a new stake in Figure Technology Solutions in the 3rd quarter valued at about $91,751,000. Duquesne Family Office LLC bought a new position in Figure Technology Solutions during the third quarter worth about $76,989,000. Pantera Capital Partners LP purchased a new position in shares of Figure Technology Solutions in the third quarter worth about $56,114,000. Finally, Capital World Investors bought a new stake in shares of Figure Technology Solutions in the third quarter valued at approximately $50,918,000.

Figure Technology Solutions Stock Performance

The firm’s 50 day moving average is $41.03. The firm has a market cap of $9.81 billion and a P/E ratio of 163.82. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.17.

Figure Technology Solutions (NASDAQ:FIGR) last posted its earnings results on Thursday, November 13th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.18. The company had revenue of $156.03 million for the quarter.

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.