Figure Technology Solutions, Inc.’s Quiet Period To Expire on October 21st (NASDAQ:FIGR)

Figure Technology Solutions’ (NASDAQ:FIGR) quiet period will end on Tuesday, October 21st. Figure Technology Solutions had issued 31,500,000 shares in its IPO on September 11th. The total size of the offering was $787,500,000 based on an initial share price of $25.00. During the company’s quiet period, underwriters and any insiders involved in the IPO are restricted from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

Several analysts recently commented on FIGR shares. Zacks Research upgraded shares of Figure Technology Solutions to a “hold” rating in a research report on Tuesday, October 7th. Needham & Company LLC initiated coverage on Figure Technology Solutions in a research report on Monday, October 6th. They set a “buy” rating and a $51.00 target price on the stock. Sanford C. Bernstein initiated coverage on Figure Technology Solutions in a research report on Monday, October 6th. They set an “outperform” rating and a $54.00 target price on the stock. Wall Street Zen raised Figure Technology Solutions to a “hold” rating in a report on Monday, September 22nd. Finally, Jefferies Financial Group assumed coverage on Figure Technology Solutions in a report on Monday, October 6th. They issued a “hold” rating and a $40.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.44.

Figure Technology Solutions Trading Down 4.9%

FIGR stock opened at $38.46 on Friday. Figure Technology Solutions has a 12-month low of $30.01 and a 12-month high of $49.50.

Insider Buying and Selling

In other news, Director Adam Gilbert Boyden sold 468,860 shares of Figure Technology Solutions stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $25.00, for a total value of $11,721,500.00. Following the sale, the director directly owned 6,651,158 shares of the company’s stock, valued at $166,278,950. The trade was a 6.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Benjamin Tannenbaum sold 297,171 shares of Figure Technology Solutions stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $25.00, for a total value of $7,429,275.00. Following the completion of the sale, the chief executive officer directly owned 4,092,576 shares in the company, valued at $102,314,400. This represents a 6.77% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Figure Technology Solutions

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. acquired a new position in Figure Technology Solutions during the third quarter worth about $64,000. Exchange Traded Concepts LLC acquired a new position in shares of Figure Technology Solutions during the 3rd quarter worth approximately $5,963,000. Finally, Voya Investment Management LLC acquired a new position in shares of Figure Technology Solutions during the 3rd quarter worth approximately $721,000.

Figure Technology Solutions Company Profile

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.