Concentric Capital Strategies LP Acquires New Position in Figure Technology Solutions, Inc. $FIGR

Concentric Capital Strategies LP bought a new position in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 378,719 shares of the company’s stock, valued at approximately $15,467,000. Figure Technology Solutions comprises 0.7% of Concentric Capital Strategies LP’s holdings, making the stock its 26th largest holding. Concentric Capital Strategies LP owned about 0.22% of Figure Technology Solutions as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Orland Properties Ltd bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $319,187,000. Vanguard Group Inc. bought a new position in Figure Technology Solutions during the third quarter worth $91,751,000. Duquesne Family Office LLC acquired a new position in Figure Technology Solutions in the third quarter worth $76,989,000. Fred Alger Management LLC acquired a new position in Figure Technology Solutions in the fourth quarter worth $67,386,000. Finally, Pantera Capital Partners LP bought a new stake in Figure Technology Solutions during the third quarter valued at $56,114,000.

Analyst Ratings Changes

A number of research firms have recently issued reports on FIGR. Bank of America reduced their price target on shares of Figure Technology Solutions from $34.00 to $31.00 in a research 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. Zacks Research raised shares of Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 14th. Sanford C. Bernstein decreased their target price on Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating for the company in a research note on Monday, March 30th. Finally, Keefe, Bruyette & Woods raised Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Figure Technology Solutions currently has an average rating of “Moderate Buy” and a consensus target price of $53.63.

Insiders Place Their Bets

In related news, CFO Minchung Kgil sold 9,117 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $30.06, for a total transaction of $274,057.02. Following the transaction, the chief financial officer owned 507,651 shares in the company, valued at $15,259,989.06. This trade represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director June Ou sold 67,840 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total value of $2,387,289.60. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 471,337 shares of company stock valued at $16,680,183. 26.60% of the stock is currently owned by insiders.

Figure Technology Solutions Trading Down 7.6%

NASDAQ:FIGR opened at $27.40 on Thursday. Figure Technology Solutions, Inc. has a 1 year low of $25.01 and a 1 year high of $78.00. The stock has a market cap of $5.00 billion and a price-to-earnings ratio of 47.24. The business has a fifty day moving average of $34.20 and a 200-day moving average of $39.39. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.90 and a current ratio of 1.90.

Figure Technology Solutions (NASDAQ:FIGR) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The company had revenue of $166.84 million for the quarter. Equities analysts predict that Figure Technology Solutions, Inc. will post 0.94 earnings per share for the current year.

Figure Technology Solutions announced that its board 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 purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors 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.