680,000 Shares in Figure Technology Solutions, Inc. $FIGR Purchased by Lunate Capital Ltd

Lunate Capital Ltd bought a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR) during the third quarter, HoldingsChannel reports. The institutional investor bought 680,000 shares of the company’s stock, valued at approximately $24,732,000. Figure Technology Solutions comprises about 3.7% of Lunate Capital Ltd’s holdings, making the stock its 7th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of FIGR. Blue Trust Inc. purchased a new stake in shares of Figure Technology Solutions during the 3rd quarter worth approximately $64,000. SBI Securities Co. Ltd. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $66,000. PNC Financial Services Group Inc. purchased a new position in Figure Technology Solutions in the third quarter valued at approximately $73,000. BNP Paribas Financial Markets bought a new position in Figure Technology Solutions during the third quarter valued at $102,000. Finally, Ameritas Advisory Services LLC bought a new position in Figure Technology Solutions during the third quarter valued at $200,000.

Figure Technology Solutions Price Performance

NASDAQ:FIGR opened at $34.40 on Wednesday. Figure Technology Solutions, Inc. has a 1 year low of $25.01 and a 1 year high of $78.00. The stock’s fifty day moving average is $45.18. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $6.06 billion and a P/E ratio of 86.00.

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

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

Insider Activity

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FIGR. Mizuho lowered their target price on Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 10th. Sanford C. Bernstein lifted their price objective on Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, January 13th. Piper Sandler boosted their price objective on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Texas Capital raised shares of Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Finally, Needham & Company LLC cut their target price on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.63.

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.