JPMorgan Chase & Co. Acquires Shares of 426,972 Figure Technology Solutions, Inc. $FIGR

JPMorgan Chase & Co. bought a new position in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 426,972 shares of the company’s stock, valued at approximately $15,529,000. JPMorgan Chase & Co. owned approximately 0.20% of Figure Technology Solutions at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in FIGR. Blue Trust Inc. bought a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $64,000. SBI Securities Co. Ltd. bought a new stake in Figure Technology Solutions during the third quarter worth $66,000. PNC Financial Services Group Inc. purchased a new stake in Figure Technology Solutions in the 3rd quarter valued at $73,000. Ameritas Advisory Services LLC bought a new position in Figure Technology Solutions during the 3rd quarter valued at $200,000. Finally, Hennessy Advisors Inc. bought a new position in Figure Technology Solutions during the 3rd quarter valued at $255,000.

Insider Transactions at Figure Technology Solutions

In other news, Director Michael Scott Cagney sold 200,058 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $39.40, for a total transaction of $7,882,285.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David K. Chao acquired 4,000 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was purchased at an average price of $38.26 per share, for a total transaction of $153,040.00. Following the completion of the purchase, the director directly owned 4,000 shares in the company, valued at $153,040. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 426,173 shares of company stock worth $16,598,394 over the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FIGR. Zacks Research downgraded shares of Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 4th. Bank of America downgraded shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective for the company. in a research report on Tuesday, February 3rd. Piper Sandler lifted their target price on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Needham & Company LLC cut their target price on Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Finally, Weiss Ratings downgraded Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.75.

Figure Technology Solutions Stock Down 4.2%

FIGR opened at $28.47 on Wednesday. The company has a 50-day moving average of $47.37. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17. Figure Technology Solutions, Inc. has a twelve month low of $25.01 and a twelve month high of $78.00. The stock has a market capitalization of $5.01 billion and a PE ratio of 83.74.

Figure Technology Solutions (NASDAQ:FIGR) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The company had revenue of $157.63 million for the quarter, compared to the consensus estimate of $158.00 million. The company’s revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions declared that its board has authorized a share repurchase plan on Thursday, February 26th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to purchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

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.