The Goldman Sachs Group Cuts Figure Technology Solutions (NASDAQ:FIGR) Price Target to $44.00

Figure Technology Solutions (NASDAQ:FIGR) had its target price cut by The Goldman Sachs Group from $49.00 to $44.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently commented on FIGR. Weiss Ratings downgraded shares of Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 11th. Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, January 29th. Sanford C. Bernstein raised their price target on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, January 13th. Needham & Company LLC decreased their price objective on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a report on Friday, February 27th. Finally, Zacks Research downgraded Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.75.

Figure Technology Solutions Stock Up 7.1%

FIGR stock opened at $30.49 on Monday. The company’s 50 day moving average is $47.08. The company has a market cap of $5.37 billion and a price-to-earnings ratio of 89.68. Figure Technology Solutions has a twelve month low of $25.01 and a twelve month high of $78.00. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17.

Figure Technology Solutions (NASDAQ:FIGR) last released its earnings results on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The firm had revenue of $157.63 million during the quarter, compared to analysts’ expectations of $158.00 million. The business’s revenue was up 90.7% compared to the same quarter last year.

Figure Technology Solutions announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Figure Technology Solutions

In related news, Director Michael Scott Cagney sold 200,058 shares of Figure Technology Solutions stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $39.40, for a total value of $7,882,285.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director June Ou sold 200,058 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total value of $7,882,285.20. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 426,173 shares of company stock valued at $16,598,394.

Institutional Trading of Figure Technology Solutions

Large investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. bought a new stake in Figure Technology Solutions during the third quarter valued at about $8,183,000. Lisanti Capital Growth LLC purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at about $3,780,000. BIT Capital GmbH bought a new position in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $7,718,000. Fidelity National Financial Inc. bought a new position in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $9,092,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in Figure Technology Solutions in the 3rd quarter worth approximately $1,013,000.

About Figure Technology Solutions

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.