Figure Technology Solutions (NASDAQ:FIGR) Reaches New 52-Week Low – Here’s What Happened

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price hit a new 52-week low on Thursday. The stock traded as low as $20.41 and last traded at $19.7820, with a volume of 1,775,575 shares. The stock had previously closed at $23.02.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FIGR shares. Freedom Capital raised Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, October 15th. Needham & Company LLC reaffirmed a “buy” rating on shares of Figure Technology Solutions in a research note on Wednesday, October 7th. Bank of America reiterated a “neutral” rating and set a $44.00 target price on shares of Figure Technology Solutions in a research report on Monday, October 5th. Zacks Research raised Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Finally, Weiss Ratings cut Figure Technology Solutions from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, September 11th. Four equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $53.57.

Figure Technology Solutions Stock Down 7.9%

The company has a market capitalization of $3.94 billion, a PE ratio of 22.82, a PEG ratio of 0.33 and a beta of 0.94. The company’s 50 day moving average is $30.02 and its two-hundred day moving average is $33.95. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.22.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.35 EPS for the quarter, topping the consensus estimate 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 business had revenue of $218.45 million for the quarter. On average, analysts anticipate that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current year.

Insider Activity

In related news, CFO Minchung Kgil sold 8,000 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $38.69, for a total value of $309,520.00. Following the sale, the chief financial officer directly owned 483,651 shares in the company, valued at approximately $18,712,457.19. The trade was a 1.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David 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 value of $1,495,257.00. Following the transaction, the insider directly owned 376,599 shares of the company’s stock, valued at approximately $11,817,676.62. The trade was a 11.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 59,650 shares of company stock worth $1,924,897 over the last ninety days. Insiders own 26.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FIGR. Granahan Investment Management LLC grew its holdings in shares of Figure Technology Solutions by 40.6% in the first quarter. Granahan Investment Management LLC now owns 935,400 shares of the company’s stock valued at $31,757,000 after purchasing an additional 269,882 shares in the last quarter. Brooklands Fund Management Ltd purchased a new stake in Figure Technology Solutions during the third quarter valued at $24,600,000. Maplelane Capital LLC purchased a new stake in Figure Technology Solutions during the first quarter valued at $23,120,000. Hiddenite Capital Partners LP bought a new position in Figure Technology Solutions during the third quarter valued at $14,569,000. Finally, Bank of New York Mellon Corp bought a new position in Figure Technology Solutions during the second quarter valued at $10,875,000.

About Figure Technology Solutions

Figure Technology Solutions, Inc is a financial technology company that develops technology-enabled lending and financial services products. The company uses artificial intelligence, blockchain and data-driven underwriting tools to streamline the origination, servicing and management of loans and other financial transactions.

Figure’s platform has supported products including home equity lines of credit, mortgage-related lending and personal loans. Its technology is designed to automate traditionally paper-intensive processes, improve transaction speed and provide digital tools for borrowers, lenders and other financial institutions.

Founded in 2018, Figure is headquartered in the United States and primarily serves the U.S.