Figure Technology Solutions (NASDAQ:FIGR) Stock Price Up 7.8% – Here’s Why

Figure Technology Solutions, Inc. (NASDAQ:FIGR) traded up 7.8% during mid-day trading on Monday . The stock traded as high as $30.81 and last traded at $30.77. Approximately 1,102,107 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 4,817,568 shares. The stock had previously closed at $28.55.

Analyst Upgrades and Downgrades

FIGR has been the topic of a number of analyst reports. Sanford C. Bernstein cut their target price on Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating on the stock in a research note on Monday, March 30th. Weiss Ratings raised shares of Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Zacks Research upgraded shares of Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Bank of America decreased their price target on shares of Figure Technology Solutions from $34.00 to $31.00 in a research note on Thursday, April 2nd. Finally, The Goldman Sachs Group dropped their price objective on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Two investment 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 issued a Sell rating to the company. Based on data from MarketBeat, Figure Technology Solutions presently has an average rating of “Moderate Buy” and a consensus price target of $53.62.

Figure Technology Solutions Stock Performance

The firm’s 50 day moving average is $33.84 and its 200 day moving average is $39.19. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market cap of $5.06 billion and a P/E ratio of 47.81.

Figure Technology Solutions (NASDAQ:FIGR) last announced its earnings results on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. The firm had revenue of $166.84 million during the quarter. Analysts anticipate that Figure Technology Solutions, Inc. will post 0.94 EPS for the current year.

Figure Technology Solutions announced that its Board of Directors has approved a stock repurchase plan on Thursday, February 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to buy up to 3.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Figure Technology Solutions

In related news, CEO Michael Benjamin Tannenbaum sold 2,031 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $36.03, for a total transaction of $73,176.93. Following the transaction, the chief executive officer directly owned 3,193,641 shares in the company, valued at $115,066,885.23. The trade was a 0.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 9,117 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $30.06, for a total value of $274,057.02. Following the completion of the sale, the chief financial officer owned 507,651 shares of the company’s stock, valued at approximately $15,259,989.06. This trade represents a 1.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 471,337 shares of company stock worth $16,680,183. 26.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Figure Technology Solutions

Hedge funds and other institutional investors have recently modified their holdings of the stock. WPG Advisers LLC lifted its position in Figure Technology Solutions by 71.1% during the 1st quarter. WPG Advisers LLC now owns 934 shares of the company’s stock worth $32,000 after acquiring an additional 388 shares during the period. State of Wyoming increased its stake in shares of Figure Technology Solutions by 14.8% in the first quarter. State of Wyoming now owns 3,864 shares of the company’s stock worth $131,000 after acquiring an additional 498 shares during the period. Arcus Capital Partners LLC raised its holdings in shares of Figure Technology Solutions by 7.9% during the first quarter. Arcus Capital Partners LLC now owns 7,400 shares of the company’s stock worth $251,000 after purchasing an additional 541 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in Figure Technology Solutions in the fourth quarter valued at $25,000. Finally, Wells Fargo & Company MN grew its position in Figure Technology Solutions by 3.5% during the 4th quarter. Wells Fargo & Company MN now owns 18,429 shares of the company’s stock worth $753,000 after purchasing an additional 616 shares during the period.

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.