Figure Technology Solutions (NASDAQ:FIGR) Reaches New 12-Month Low – Here’s Why

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $20.41 and last traded at $19.7820, with a volume of 1,775,575 shares traded. The stock had previously closed at $23.02.

Analyst Upgrades and Downgrades

FIGR has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Figure Technology Solutions from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Freedom Broker upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, October 15th. The Goldman Sachs Group set a $41.00 price target on shares of Figure Technology Solutions in a report on Wednesday, October 7th. Sanford C. Bernstein raised their price target on shares of Figure Technology Solutions from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, Piper Sandler decreased their price objective on shares of Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Four investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $53.57.

Figure Technology Solutions Price Performance

The firm has a 50-day moving average of $30.02 and a 200 day moving average of $33.95. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 1.86. The company has a market capitalization of $3.94 billion, a PE ratio of 22.82, a PEG ratio of 0.33 and a beta of 0.94.

Figure Technology Solutions (NASDAQ:FIGR) last posted its earnings results on Thursday, August 13th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.11. Figure Technology Solutions had a net margin of 33.45% and a return on equity of 18.90%. The business had revenue of $218.45 million for the quarter. As a group, research analysts anticipate that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Minchung Kgil sold 8,000 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $38.69, for a total transaction of $309,520.00. Following the transaction, the chief financial officer directly owned 483,651 shares of the company’s stock, valued at $18,712,457.19. This represents a 1.63% decrease in their position. The transaction 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, insider David Stevens sold 47,650 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $31.38, for a total value of $1,495,257.00. Following the completion of the transaction, the insider owned 376,599 shares in the company, valued at approximately $11,817,676.62. This trade represents a 11.23% 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. In the last ninety days, insiders sold 59,650 shares of company stock valued at $1,924,897. 26.60% of the stock is currently owned by insiders.

Institutional Trading of Figure Technology Solutions

A number of hedge funds have recently bought and sold shares of FIGR. Quantinno Capital Management LP purchased a new stake in Figure Technology Solutions in the 1st quarter worth approximately $1,098,000. Temasek Holdings Private Ltd purchased a new position in Figure Technology Solutions during the first quarter valued at approximately $1,415,000. Principal Financial Group Inc. bought a new position in shares of Figure Technology Solutions in the first quarter worth approximately $8,125,000. The Manufacturers Life Insurance Company boosted its position in shares of Figure Technology Solutions by 660.5% in the first quarter. The Manufacturers Life Insurance Company now owns 42,717 shares of the company’s stock worth $1,450,000 after purchasing an additional 37,100 shares during the period. Finally, Engineers Gate Manager LP purchased a new stake in shares of Figure Technology Solutions in the second quarter worth $3,398,000.

About Figure Technology Solutions

Figure Technology Solutions, Inc is a financial technology company that develops technology-enabled lending and financial services products. The company uses artificial intelligence, blockchain and data-driven underwriting tools to streamline the origination, servicing and management of loans and other financial transactions.

Figure’s platform has supported products including home equity lines of credit, mortgage-related lending and personal loans. Its technology is designed to automate traditionally paper-intensive processes, improve transaction speed and provide digital tools for borrowers, lenders and other financial institutions.

Founded in 2018, Figure is headquartered in the United States and primarily serves the U.S.