Figure Technology Solutions (NASDAQ:FIGR) Shares Gap Down – Here’s What Happened

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $36.91, but opened at $34.71. Figure Technology Solutions shares last traded at $37.46, with a volume of 2,349,812 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Weiss Ratings downgraded Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 11th. The Goldman Sachs Group raised their price target on shares of Figure Technology Solutions from $51.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $71.00 price objective on shares of Figure Technology Solutions in a research report on Thursday, February 5th. Bank of America cut shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 target price for the company. in a research report on Tuesday, February 3rd. Finally, Piper Sandler lifted their price target on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.50.

Figure Technology Solutions Price Performance

The stock has a market capitalization of $6.57 billion and a price-to-earnings ratio of 109.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.26 and a quick ratio of 2.26. The firm’s fifty day moving average price is $49.36.

Insider Buying and Selling

In related news, CEO Michael Benjamin Tannenbaum sold 100,000 shares of the business’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $35.82, for a total value of $3,582,000.00. Following the completion of the transaction, the chief executive officer directly owned 3,821,366 shares in the company, valued at $136,881,330.12. The trade was a 2.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director June Ou sold 500,000 shares of the firm’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $36.22, for a total value of $18,110,000.00. Following the sale, the director owned 6,378,993 shares in the company, valued at $231,047,126.46. This trade represents a 7.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,352,573 shares of company stock valued at $84,951,291 in the last ninety days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Orland Properties Ltd purchased a new position in shares of Figure Technology Solutions in the 3rd quarter valued at about $319,187,000. J Digital 6 LLC raised its holdings in Figure Technology Solutions by 9.1% during the fourth quarter. J Digital 6 LLC now owns 3,276,587 shares of the company’s stock worth $133,816,000 after purchasing an additional 274,145 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Figure Technology Solutions by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company’s stock valued at $121,493,000 after purchasing an additional 452,136 shares in the last quarter. Duquesne Family Office LLC acquired a new position in Figure Technology Solutions during the 3rd quarter worth approximately $76,989,000. Finally, Fred Alger Management LLC purchased a new position in shares of Figure Technology Solutions during the 4th quarter worth approximately $67,386,000.

Figure Technology Solutions Company Profile

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.