Needham & Company LLC Reaffirms “Buy” Rating for Figure Technology Solutions (NASDAQ:FIGR)

Figure Technology Solutions (NASDAQ:FIGR)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $55.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 77.13% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Mizuho boosted their price target on Figure Technology Solutions from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Zacks Research raised Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Bank of America dropped their target price on shares of Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Weiss Ratings upgraded shares of Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. Finally, Sanford C. Bernstein lowered their price objective on shares of Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating for the company in a research report on Monday, March 30th. Two 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.62.

Figure Technology Solutions Stock Performance

NASDAQ FIGR opened at $31.05 on Wednesday. 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 firm has a market capitalization of $5.67 billion and a price-to-earnings ratio of 53.53. The firm’s 50 day simple moving average is $32.92 and its 200 day simple moving average is $38.55. Figure Technology Solutions has a 1 year low of $25.01 and a 1 year high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.17 by $0.01. The firm had revenue of $166.84 million for the quarter. As a group, research analysts expect that Figure Technology Solutions will post 0.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider David Todd Stevens sold 47,064 shares of the business’s stock in a transaction that occurred 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 transaction, the insider owned 406,051 shares in the company, valued at approximately $17,196,259.85. The trade was a 10.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director June Ou sold 35,190 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $38.20, for a total transaction of $1,344,258.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 479,337 shares of company stock valued at $16,910,863 over the last three months. Insiders own 26.60% of the company’s stock.

Hedge Funds Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently bought and sold shares of the company. CTC Alternative Strategies Ltd. acquired a new stake in Figure Technology Solutions during the 1st quarter worth about $511,000. Vestor Capital LLC boosted its position in shares of Figure Technology Solutions by 2,908.7% during the 1st quarter. Vestor Capital LLC now owns 81,234 shares of the company’s stock valued at $2,758,000 after purchasing an additional 78,534 shares in the last quarter. Feynman Point Asset Management LLC acquired a new stake in Figure Technology Solutions during the first quarter worth approximately $2,865,000. Royal Bank of Canada increased its holdings in Figure Technology Solutions by 47.8% in the first quarter. Royal Bank of Canada now owns 35,749 shares of the company’s stock worth $1,214,000 after purchasing an additional 11,560 shares in the last quarter. Finally, Regal Partners Ltd acquired a new position in Figure Technology Solutions in the first quarter valued at approximately $2,399,000.

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.