Concentric Capital Strategies LP Invests $15.47 Million in Figure Technology Solutions, Inc. $FIGR

Concentric Capital Strategies LP bought a new position in Figure Technology Solutions, Inc. (NASDAQ:FIGR) during the fourth quarter, Holdings Channel reports. The fund bought 378,719 shares of the company’s stock, valued at approximately $15,467,000. Figure Technology Solutions comprises about 0.7% of Concentric Capital Strategies LP’s holdings, making the stock its 26th largest position.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. ACT Capital Management LLC purchased a new stake in shares of Figure Technology Solutions during the fourth quarter valued at $2,348,000. Freestone Grove Partners LP boosted its position in Figure Technology Solutions by 236.3% during the 4th quarter. Freestone Grove Partners LP now owns 400,000 shares of the company’s stock worth $16,336,000 after acquiring an additional 281,051 shares during the period. Burkehill Global Management LP grew its position in Figure Technology Solutions by 16.7% during the fourth quarter. Burkehill Global Management LP now owns 700,000 shares of the company’s stock valued at $28,588,000 after purchasing an additional 100,000 shares in the last quarter. Cetera Investment Advisers acquired a new position in Figure Technology Solutions in the 4th quarter valued at approximately $749,000. Finally, Lazard Asset Management LLC lifted its position in Figure Technology Solutions by 71.0% in the 4th quarter. Lazard Asset Management LLC now owns 160,680 shares of the company’s stock worth $6,562,000 after buying an additional 66,733 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FIGR shares. Bank of America dropped their target price on Figure Technology Solutions from $34.00 to $31.00 in a research report on Thursday, April 2nd. The Goldman Sachs Group reduced their price target on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Needham & Company LLC restated a “buy” rating and issued a $55.00 price objective on shares of Figure Technology Solutions in a report on Wednesday, May 13th. Sanford C. Bernstein cut their price objective on shares of Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating on the stock in a research report on Monday, March 30th. Finally, Weiss Ratings upgraded shares of Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.63.

Figure Technology Solutions Price Performance

NASDAQ FIGR opened at $27.40 on Thursday. The stock has a 50-day simple moving average of $34.20 and a 200 day simple moving average of $39.39. Figure Technology Solutions, Inc. has a twelve month low of $25.01 and a twelve month high of $78.00. The stock has a market capitalization of $5.00 billion and a PE ratio of 47.24. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.90 and a current ratio of 1.90.

Figure Technology Solutions (NASDAQ:FIGR) last released its earnings results on Monday, May 11th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.17 by $0.01. The company had revenue of $166.84 million for the quarter. Research analysts anticipate that Figure Technology Solutions, Inc. will post 0.94 EPS for the current year.

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

Insider Buying and Selling at Figure Technology Solutions

In related news, Director June Ou sold 67,840 shares of the business’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $35.19, for a total transaction of $2,387,289.60. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 9,117 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $30.06, for a total value of $274,057.02. Following the completion of the sale, the chief financial officer owned 507,651 shares of the company’s stock, valued at $15,259,989.06. This represents a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 471,337 shares of company stock valued at $16,680,183 in the last three months. Company insiders own 26.60% of the company’s stock.

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.