Figure Technology Solutions (NASDAQ:FIGR) Downgraded by Zacks Research to “Hold”

Zacks Research downgraded shares of Figure Technology Solutions (NASDAQ:FIGR) from a strong-buy rating to a hold rating in a report published on Monday,Zacks reports.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Figure Technology Solutions from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Bank of America reiterated a “neutral” rating and set a $44.00 price target on shares of Figure Technology Solutions in a research report on Monday, October 5th. Needham & Company LLC reissued a “buy” rating on shares of Figure Technology Solutions in a research note on Wednesday, October 7th. Freedom Broker upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, October 15th. Finally, Freedom Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, October 15th. Three investment 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.43.

Figure Technology Solutions Stock Down 4.8%

FIGR stock opened at $23.34 on Monday. Figure Technology Solutions has a 52 week low of $19.54 and a 52 week high of $78.00. The business has a 50-day simple moving average of $28.90 and a 200 day simple moving average of $33.01. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The company has a market cap of $4.33 billion, a PE ratio of 25.10, a price-to-earnings-growth ratio of 0.37 and a beta of 0.94.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.35 earnings per share (EPS) 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. Sell-side analysts anticipate that Figure Technology Solutions will post 1.18 EPS for the current fiscal year.

Insider Activity

In other Figure Technology Solutions 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 transaction of $309,520.00. Following the completion of the transaction, the chief financial officer owned 483,651 shares of the company’s stock, valued at approximately $18,712,457.19. The trade was a 1.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 dated Friday, August 14th. The stock was sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the completion of the transaction, the insider directly owned 376,599 shares of the company’s stock, valued at $11,817,676.62. This trade 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. Company insiders own 26.60% of the company’s stock.

Hedge Funds Weigh In On Figure Technology Solutions

A number of institutional investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new position in Figure Technology Solutions in the 2nd quarter valued at approximately $47,000. WPG Advisers LLC grew its stake in shares of Figure Technology Solutions by 98.5% during the third quarter. WPG Advisers LLC now owns 1,640 shares of the company’s stock worth $47,000 after buying an additional 814 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Figure Technology Solutions by 176.6% during the third quarter. GAMMA Investing LLC now owns 1,690 shares of the company’s stock worth $49,000 after buying an additional 1,079 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of Figure Technology Solutions by 157.4% during the third quarter. SBI Securities Co. Ltd. now owns 1,974 shares of the company’s stock worth $57,000 after buying an additional 1,207 shares in the last quarter. Finally, State of Wyoming increased its holdings in shares of Figure Technology Solutions by 14.8% during the first quarter. State of Wyoming now owns 3,864 shares of the company’s stock worth $131,000 after buying an additional 498 shares in the last quarter.

About Figure Technology Solutions

Figure Technology Solutions is a financial technology company that develops blockchain-based platforms for lending and capital markets. Its technology is designed to digitize and streamline financial transactions, including loan origination and the trading of financial assets. The company’s offerings include home equity financing and technology for financial institutions and other lending partners. Figure also operates digital marketplaces and provides services supporting the issuance and transfer of assets on the Provenance Blockchain.