Ghisallo Capital Management LLC Takes Position in Figure Technology Solutions, Inc. $FIGR

Ghisallo Capital Management LLC bought a new position in Figure Technology Solutions, Inc. (NASDAQ:FIGR) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 200,000 shares of the company’s stock, valued at approximately $7,274,000.

Several other large investors have also added to or reduced their stakes in FIGR. Voya Investment Management LLC purchased a new position in shares of Figure Technology Solutions during the third quarter valued at approximately $721,000. Exchange Traded Concepts LLC bought a new stake in Figure Technology Solutions during the third quarter worth $5,963,000. Blue Trust Inc. purchased a new stake in Figure Technology Solutions in the 3rd quarter valued at $64,000. Hennessy Advisors Inc. bought a new position in Figure Technology Solutions during the 3rd quarter valued at $255,000. Finally, CWA Asset Management Group LLC purchased a new position in Figure Technology Solutions during the 3rd quarter worth $1,412,000.

Analysts Set New Price Targets

A number of research firms recently weighed in on FIGR. Bank of America lowered shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price target on the stock. in a research report on Tuesday, February 3rd. The Goldman Sachs Group decreased their price objective on shares of Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Zacks Research cut shares of Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Needham & Company LLC reduced their target price on 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, Mizuho decreased their price target on Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.63.

Insider Buying and Selling at Figure Technology Solutions

In other news, insider David Todd Stevens sold 26,057 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total transaction of $833,824.00. Following the transaction, the insider owned 462,943 shares of the company’s stock, valued at $14,814,176. This represents a 5.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sachin Chand Jaitly sold 216,713 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total value of $7,290,225.32. Additional details regarding this sale are available in the official SEC disclosure.

Figure Technology Solutions Stock Performance

NASDAQ FIGR opened at $35.07 on Friday. Figure Technology Solutions, Inc. has a 52-week low of $25.01 and a 52-week high of $78.00. The stock’s 50-day moving average is $45.97. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.26 and a quick ratio of 2.26. The stock has a market capitalization of $6.18 billion and a P/E ratio of 87.68.

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

Figure Technology Solutions announced that its board has initiated a stock repurchase program on Thursday, February 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.