Figure Technology Solutions (NASDAQ:FIGR) Shares Up 8% – Here’s Why

Figure Technology Solutions, Inc. (NASDAQ:FIGR) shot up 8% on Friday . The stock traded as high as $39.15 and last traded at $38.96. 506,727 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 4,605,435 shares. The stock had previously closed at $36.06.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FIGR shares. Sanford C. Bernstein raised their price target on Figure Technology Solutions from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target on shares of Figure Technology Solutions in a report on Thursday. Piper Sandler decreased their price objective on shares of Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. Weiss Ratings raised Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Finally, Keefe, Bruyette & Woods decreased their price target on Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.62.

Figure Technology Solutions Price Performance

The company has a 50 day moving average price of $29.90 and a 200-day moving average price of $32.97. The company has a market cap of $7.19 billion and a price-to-earnings ratio of 41.66. The company has a quick ratio of 1.90, a current ratio of 1.86 and a debt-to-equity ratio of 0.22.

Figure Technology Solutions (NASDAQ:FIGR) last posted its earnings results on Thursday, August 13th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. Figure Technology Solutions had a net margin of 33.45% and a return on equity of 18.90%. The firm had revenue of $218.45 million for the quarter. As a group, equities research analysts predict that Figure Technology Solutions, Inc. will post 1.18 EPS for the current fiscal year.

Insider Activity

In related news, CFO Minchung Kgil sold 9,117 shares of the company’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 sale, the chief financial officer directly owned 507,651 shares in the company, valued at $15,259,989.06. This represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David Todd Stevens sold 47,650 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the sale, the insider directly owned 376,599 shares of the company’s stock, valued at $11,817,676.62. This represents a 11.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 72,767 shares of company stock worth $2,232,634 over the last ninety days. Company insiders own 26.60% of the company’s stock.

Hedge Funds Weigh In On Figure Technology Solutions

A number of hedge funds have recently bought and sold shares of FIGR. J Digital 6 LLC lifted its stake in Figure Technology Solutions by 9.1% in the fourth quarter. J Digital 6 LLC now owns 3,276,587 shares of the company’s stock valued at $133,816,000 after buying an additional 274,145 shares during the period. Vanguard Group Inc. lifted its position in shares of Figure Technology Solutions by 17.9% during the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company’s stock valued at $121,493,000 after acquiring an additional 452,136 shares during the period. Duquesne Family Office LLC acquired a new position in shares of Figure Technology Solutions during the 3rd quarter valued at $76,989,000. Fred Alger Management LLC bought a new position in Figure Technology Solutions during the fourth quarter worth $67,386,000. Finally, Pantera Capital Partners LP acquired a new stake in Figure Technology Solutions in the third quarter worth $56,114,000.

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.