Figure Technology Solutions (NASDAQ:FIGR) Shares Down 7.2% – Time to Sell?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) traded down 7.2% on Wednesday . The stock traded as low as $27.75 and last traded at $27.5280. 2,908,033 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 4,798,178 shares. The stock had previously closed at $29.65.

Wall Street Analyst Weigh In

A number of analysts have commented on FIGR shares. Needham & Company LLC reissued a “buy” rating and set a $55.00 price objective on shares of Figure Technology Solutions in a report on Wednesday, May 13th. Weiss Ratings upgraded Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Bank of America cut their target price on Figure Technology Solutions from $34.00 to $31.00 in a research report on Thursday, April 2nd. Mizuho increased their price target on Figure Technology Solutions from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. Finally, Zacks Research raised shares of Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.63.

Figure Technology Solutions Stock Performance

The stock has a market cap of $5.00 billion and a P/E ratio of 47.24. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.20. The company’s 50-day simple moving average is $34.30 and its 200 day simple moving average is $39.44.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The business had revenue of $166.84 million for the quarter. As a group, sell-side analysts expect that Figure Technology Solutions, Inc. will post 0.94 EPS for the current fiscal year.

Figure Technology Solutions announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 26th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Figure Technology Solutions

In other Figure Technology Solutions news, Director June Ou sold 35,190 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $38.20, for a total value of $1,344,258.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Todd Stevens sold 47,064 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $42.35, for a total value of $1,993,160.40. Following the completion of the transaction, the insider directly owned 406,051 shares in the company, valued at approximately $17,196,259.85. This represents a 10.39% 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. Insiders sold a total of 511,928 shares of company stock worth $17,997,776 in the last 90 days. 26.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Ameritas Advisory Services LLC bought a new position in shares of Figure Technology Solutions during the 3rd quarter valued at $200,000. PNC Financial Services Group Inc. purchased a new position in shares of Figure Technology Solutions during the third quarter valued at approximately $73,000. JPMorgan Chase & Co. bought a new position in Figure Technology Solutions in the 3rd quarter worth $15,529,000. Vanguard Group Inc. purchased a new stake in Figure Technology Solutions in the third quarter worth about $91,751,000. Finally, Zweig DiMenna Associates LLC purchased a new position in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $10,711,000.

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.