Figure Technology Solutions (NASDAQ:FIGR) Earns “Buy” Rating from Needham & Company LLC

Figure Technology Solutions (NASDAQ:FIGR)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $55.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 39.24% from the company’s previous close.

Several other brokerages also recently weighed in on FIGR. The Goldman Sachs Group cut their price target on shares of Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Bank of America cut their price target on shares of Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Sanford C. Bernstein cut their price target on shares of Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating on the stock in a report on Monday, March 30th. Finally, Weiss Ratings downgraded shares of Figure Technology Solutions from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $52.38.

Figure Technology Solutions Price Performance

Shares of NASDAQ:FIGR opened at $39.50 on Wednesday. Figure Technology Solutions has a twelve month low of $25.01 and a twelve month high of $78.00. The company’s 50 day moving average is $34.20 and its 200 day moving average is $40.31. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.19. The company has a market cap of $7.18 billion and a PE ratio of 98.75.

Figure Technology Solutions (NASDAQ:FIGR) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.01. The business had revenue of $166.84 million during the quarter. On average, sell-side analysts forecast that Figure Technology Solutions will post 0.93 EPS for the current year.

Figure Technology Solutions declared that its Board of Directors 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 buy up to 3.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, insider David Todd Stevens sold 49,708 shares of the stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the transaction, the insider owned 436,089 shares in the company, valued at $13,963,569.78. This trade represents a 10.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Sachin Chand Jaitly sold 216,713 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total value of $7,290,225.32. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 620,352 shares of company stock worth $20,812,730. Insiders own 26.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FIGR. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $1,013,000. Federated Hermes Inc. purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $8,183,000. TD Waterhouse Canada Inc. purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $2,157,000. Lisanti Capital Growth LLC purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $3,780,000. Finally, Mutual Advisors LLC purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $1,446,000.

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.