Figure Technology Solutions (NASDAQ:FIGR) Stock Gets Downgrade from Zacks Research

Figure Technology Solutions (NASDAQ:FIGR) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday, Zacks reports.

A number of other research firms have also recently weighed in on FIGR. Weiss Ratings cut shares of Figure Technology Solutions from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, September 11th. Piper Sandler dropped their price target on Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Freedom Broker raised Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, October 15th. Freedom Capital raised Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, October 15th. Finally, Wall Street Zen upgraded Figure Technology Solutions from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $52.43.

Figure Technology Solutions Trading Down 4.8%

Shares of Figure Technology Solutions stock opened at $23.34 on Monday. The firm’s 50 day moving average is $28.90 and its 200 day moving average is $33.01. The firm has a market capitalization 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 has a 1 year low of $19.54 and a 1 year high of $78.00. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.22.

Figure Technology Solutions (NASDAQ:FIGR) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.35 EPS for the quarter, beating 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 during the quarter. Equities research analysts forecast that Figure Technology Solutions will post 1.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider David Stevens sold 47,650 shares of the firm’s 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 completion of the transaction, the insider owned 376,599 shares in the company, valued at $11,817,676.62. This trade represents a 11.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 8,000 shares of Figure Technology Solutions stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $38.69, for a total transaction of $309,520.00. Following the sale, the chief financial officer owned 483,651 shares in the company, valued at approximately $18,712,457.19. This represents a 1.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 26.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Figure Technology Solutions

A number of hedge funds have recently modified their holdings of the business. Boston Partners acquired a new stake in Figure Technology Solutions in the third quarter valued at $1,372,000. Voya Investment Management LLC lifted its holdings in Figure Technology Solutions by 319.0% during the 3rd quarter. Voya Investment Management LLC now owns 560,174 shares of the company’s stock worth $16,161,000 after buying an additional 426,494 shares during the period. Global Retirement Partners LLC lifted its holdings in Figure Technology Solutions by 7.4% during the 3rd quarter. Global Retirement Partners LLC now owns 14,030 shares of the company’s stock worth $405,000 after buying an additional 961 shares during the period. Banco Santander S.A. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $218,000. Finally, HighTower Advisors LLC bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $464,000.

Figure Technology Solutions Company Profile

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.