Brokerages Set Figure Technology Solutions, Inc. (NASDAQ:FIGR) PT at $53.75

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) have been given an average recommendation of “Moderate Buy” by the eleven brokerages that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $53.75.

A number of research analysts have issued reports on the stock. Zacks Research upgraded shares of Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 14th. The Goldman Sachs Group cut their target price on shares of Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Piper Sandler upped their target price on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Mizuho cut their target price on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, March 26th. Finally, Bank of America downgraded shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 target price on the stock. in a research report on Tuesday, February 3rd.

Insiders Place Their Bets

In related news, Director Michael Scott Cagney sold 67,840 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total value of $2,387,289.60. Following the sale, the director directly owned 67,840 shares in the company, valued at $2,387,289.60. This trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director June Ou sold 67,840 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total transaction of $2,387,289.60. 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 620,352 shares of company stock worth $20,812,730 over the last ninety days.

Institutional Trading of Figure Technology Solutions

A number of large investors have recently bought and sold shares of FIGR. Voya Investment Management LLC bought a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $721,000. Blue Trust Inc. bought a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $64,000. Hennessy Advisors Inc. bought a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $255,000. CWA Asset Management Group LLC bought a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $1,412,000. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $1,013,000.

Figure Technology Solutions Stock Up 5.5%

Shares of NASDAQ:FIGR opened at $35.10 on Friday. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.19. Figure Technology Solutions has a 12 month low of $25.01 and a 12 month high of $78.00. The firm has a market cap of $6.38 billion and a P/E ratio of 87.75. The company’s 50-day moving average price is $33.28 and its two-hundred day moving average price is $40.46.

Figure Technology Solutions (NASDAQ:FIGR) last released its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The business had revenue of $157.63 million for the quarter, compared to the consensus estimate of $158.00 million. The business’s quarterly revenue was up 90.7% compared to the same quarter last year. As a group, research analysts forecast that Figure Technology Solutions will post 0.93 EPS for the current fiscal year.

Figure Technology Solutions declared that its board has initiated a share repurchase plan on Thursday, February 26th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.