Figure Technology Solutions (NASDAQ:FIGR) Shares Up 7.4% on Earnings Beat

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) shot up 7.4% on Thursday following a better than expected earnings announcement. The stock traded as high as $33.78 and last traded at $32.9590. Approximately 6,215,805 shares changed hands during trading, an increase of 36% from the average daily volume of 4,562,794 shares. The stock had previously closed at $30.68.

The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. The company had revenue of $218.45 million during the quarter.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FIGR. Needham & Company LLC reissued a “buy” rating and set a $55.00 price target on shares of Figure Technology Solutions in a report on Wednesday, July 8th. Keefe, Bruyette & Woods reduced their price objective on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating for the company in a research note on Monday, July 13th. Piper Sandler cut their price target on Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Mizuho upped their price objective 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, Weiss Ratings raised Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.62.

Insider Buying and Selling

In related news, CFO Minchung Kgil sold 9,117 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $30.06, for a total value of $274,057.02. Following the sale, the chief financial officer owned 507,651 shares in the company, valued at approximately $15,259,989.06. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Benjamin Tannenbaum sold 14,871 shares of Figure Technology Solutions stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $37.27, for a total transaction of $554,242.17. Following the completion of the transaction, the chief executive officer directly owned 3,193,641 shares of the company’s stock, valued at $119,027,000.07. The trade was a 0.46% decrease in their ownership of the stock. 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. Insiders have sold a total of 38,019 shares of company stock valued at $1,244,676 over the last quarter. Corporate insiders own 26.60% of the company’s stock.

Hedge Funds Weigh In On Figure Technology Solutions

A number of hedge funds have recently added to or reduced their stakes in the stock. Duquesne Family Office LLC purchased a new stake in Figure Technology Solutions during the third quarter valued at approximately $76,989,000. Fred Alger Management LLC purchased a new position in shares of Figure Technology Solutions during the 4th quarter valued at about $67,386,000. Pantera Capital Partners LP acquired a new position in Figure Technology Solutions in the third quarter valued at approximately $56,114,000. Balyasny Asset Management L.P. acquired a new stake in shares of Figure Technology Solutions during the 3rd quarter worth approximately $36,087,000. Finally, Alliancebernstein L.P. purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $34,626,000.

Figure Technology Solutions Stock Performance

The firm’s 50 day moving average is $29.19 and its 200-day moving average is $34.15. The stock has a market capitalization of $6.06 billion and a price-to-earnings ratio of 57.13. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.90 and a current ratio of 1.90.

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.