Figure Technology Solutions (NASDAQ:FIGR) Stock Price Up 12.4% Following Analyst Upgrade

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price was up 12.4% during mid-day trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $49.20 and last traded at $49.17. Approximately 987,947 shares traded hands during trading, a decline of 4% from the average daily volume of 1,026,483 shares. The stock had previously closed at $43.74.

Several other brokerages have also weighed in on FIGR. Keefe, Bruyette & Woods boosted their price objective on Figure Technology Solutions from $48.50 to $52.00 and gave the company an “outperform” rating in a report on Tuesday, November 18th. Jefferies Financial Group started coverage on shares of Figure Technology Solutions in a report on Monday, October 6th. They set a “hold” rating and a $40.00 price objective on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Figure Technology Solutions in a research report on Monday, December 29th. Piper Sandler increased their price objective on Figure Technology Solutions from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, November 17th. Finally, The Goldman Sachs Group increased their target price on shares of Figure Technology Solutions from $42.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Figure Technology Solutions has a consensus rating of “Moderate Buy” and an average price target of $50.38.

Insider Activity

In other Figure Technology Solutions news, insider David Todd Stevens sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $35.22, for a total value of $1,408,800.00. Following the completion of the transaction, the insider owned 489,000 shares of the company’s stock, valued at $17,222,580. The trade was a 7.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Benjamin Tannenbaum sold 90,026 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $35.12, for a total value of $3,161,713.12. Following the sale, the chief executive officer owned 3,641,903 shares in the company, valued at $127,903,633.36. The trade was a 2.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 3,344,073 shares of company stock valued at $123,816,526.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new position in Figure Technology Solutions in the third quarter worth about $64,000. SBI Securities Co. Ltd. bought a new position in Figure Technology Solutions in the 3rd quarter valued at approximately $66,000. PNC Financial Services Group Inc. purchased a new stake in Figure Technology Solutions during the 3rd quarter valued at $73,000. BNP Paribas Financial Markets bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth $102,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Figure Technology Solutions in the third quarter worth $200,000.

Figure Technology Solutions Price Performance

The business has a fifty day moving average of $40.09. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.26 and a current ratio of 2.26.

Figure Technology Solutions (NASDAQ:FIGR) last released its earnings results on Thursday, November 13th. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.18. The firm had revenue of $156.03 million for the quarter.

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.