Figure Technology Solutions’ (FIGR) Buy Rating Reaffirmed at Needham & Company LLC

Figure Technology Solutions (NASDAQ:FIGR)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $55.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 77.13% from the company’s current price.

FIGR has been the subject of a number of other reports. Sanford C. Bernstein cut their price objective on Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating for the company in a research report on Monday, March 30th. Mizuho increased their price target on Figure Technology Solutions from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, May 14th. Bank of America cut their price target on Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Weiss Ratings raised shares of Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Finally, Zacks Research upgraded shares of Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 14th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.62.

Figure Technology Solutions Stock Performance

Shares of FIGR opened at $31.05 on Wednesday. The firm has a 50-day moving average of $32.92 and a 200-day moving average of $38.55. Figure Technology Solutions has a one year low of $25.01 and a one year high of $78.00. The company has a market cap of $5.67 billion and a PE ratio of 53.53. 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 issued its earnings results on Monday, May 11th. The company reported $0.18 earnings per share (EPS) 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 forecast that Figure Technology Solutions will post 0.94 earnings per share for the current year.

Insider Transactions at Figure Technology Solutions

In related news, insider David Todd Stevens sold 47,064 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $42.35, for a total value of $1,993,160.40. Following the transaction, the insider directly owned 406,051 shares in the company, valued at approximately $17,196,259.85. This represents a 10.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 9,117 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $30.06, for a total transaction of $274,057.02. Following the transaction, the chief financial officer directly owned 507,651 shares in the company, valued at approximately $15,259,989.06. This represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 479,337 shares of company stock worth $16,910,863. 26.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FIGR. Duquesne Family Office LLC acquired a new stake in shares of Figure Technology Solutions in the third quarter valued at approximately $76,989,000. Fred Alger Management LLC bought a new position in Figure Technology Solutions during the 4th quarter worth $67,386,000. Pantera Capital Partners LP acquired a new position in Figure Technology Solutions in the 3rd quarter valued at $56,114,000. Capital World Investors bought a new stake in shares of Figure Technology Solutions during the 3rd quarter valued at $50,918,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Figure Technology Solutions during the 3rd quarter worth $36,087,000.

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.