Figure Technology Solutions (NASDAQ:FIGR) Shares Up 7.7% – Time to Buy?

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) shot up 7.7% during trading on Tuesday . The stock traded as high as $29.43 and last traded at $29.1420. 2,406,166 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 4,844,437 shares. The stock had previously closed at $27.07.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Zacks Research raised shares of Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target on shares of Figure Technology Solutions in a research report on Wednesday, May 13th. Sanford C. Bernstein decreased their price objective on Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating for the company in a report on Monday, March 30th. Mizuho upped their target price on Figure Technology Solutions from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Finally, Bank of America dropped their target price on Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.62.

Figure Technology Solutions Price Performance

The stock’s fifty day moving average is $32.96 and its 200-day moving average is $38.70. The stock has a market capitalization of $5.97 billion and a PE ratio of 56.33. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.90 and a quick ratio of 1.90.

Figure Technology Solutions (NASDAQ:FIGR) last released 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 firm had revenue of $166.84 million during the quarter. As a group, equities analysts predict that Figure Technology Solutions, Inc. will post 0.94 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Minchung Kgil sold 4,000 shares of Figure Technology Solutions stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $27.64, for a total value of $110,560.00. Following the completion of the transaction, the chief financial officer owned 503,651 shares in the company, valued at $13,920,913.64. The trade was a 0.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Benjamin Tannenbaum sold 2,031 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $36.03, for a total value of $73,176.93. Following the transaction, the chief executive officer owned 3,193,641 shares in the company, valued at $115,066,885.23. This represents a 0.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 475,337 shares of company stock worth $16,790,743. 26.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FIGR. Global Retirement Partners LLC acquired a new stake in Figure Technology Solutions in the 4th quarter valued at $25,000. WPG Advisers LLC raised its position in Figure Technology Solutions by 71.1% during the first 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. Strs Ohio purchased a new position in Figure Technology Solutions during the fourth quarter valued at $34,000. MetLife Investment Management LLC acquired a new stake in shares of Figure Technology Solutions in the fourth quarter valued at about $35,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Figure Technology Solutions in the fourth quarter valued at about $40,000.

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.