Figure Technology Solutions (NASDAQ:FIGR) Shares Down 4.7% – What’s Next?

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) dropped 4.7% during trading on Monday. The stock traded as low as $26.11 and last traded at $25.8430. Approximately 297,480 shares changed hands during trading, a decline of 94% from the average session volume of 4,610,419 shares. The stock had previously closed at $27.13.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FIGR shares. Freedom Broker raised shares of Figure Technology Solutions to a “strong-buy” rating in a report on Thursday. Weiss Ratings lowered Figure Technology Solutions from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, September 11th. Wall Street Zen upgraded Figure Technology Solutions from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Freedom Capital upgraded Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods decreased their target price on Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, July 13th. Four research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Figure Technology Solutions has an average rating of “Buy” and a consensus target price of $53.57.

Figure Technology Solutions Stock Down 4.3%

The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $4.82 billion and a P/E ratio of 28.01. The company has a fifty day moving average price of $32.93 and a 200-day moving average price of $32.47.

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

Insider Activity

In related news, CFO Minchung Kgil sold 8,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 483,651 shares of the company’s stock, valued at approximately $18,712,457.19. This trade represents a 1.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the completion of the transaction, the insider owned 376,599 shares in the company, valued at $11,817,676.62. This represents a 11.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 63,650 shares of company stock valued at $2,037,417. 26.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FIGR. Quantinno Capital Management LP purchased a new position in Figure Technology Solutions during the first quarter valued at approximately $1,098,000. Temasek Holdings Private Ltd acquired a new position in shares of Figure Technology Solutions during the first quarter valued at about $1,415,000. Principal Financial Group Inc. acquired a new position in Figure Technology Solutions during the 1st quarter valued at approximately $8,125,000. The Manufacturers Life Insurance Company increased its position in shares of Figure Technology Solutions by 660.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 42,717 shares of the company’s stock valued at $1,450,000 after acquiring an additional 37,100 shares during the period. Finally, Engineers Gate Manager LP purchased a new position in shares of Figure Technology Solutions in the second quarter worth about $3,398,000.

About Figure Technology Solutions

Figure Technology Solutions, Inc is a financial technology company that develops blockchain- and artificial intelligence-enabled solutions for lending and financial services. The company’s technology is designed to support the origination, servicing, financing and trading of financial assets through more efficient digital processes.

Figure’s business activities have included home equity lending, personal lending, mortgage-related services and financial asset marketplaces. Its platform has also been used to facilitate the issuance and transfer of loans and other financial products, with blockchain technology intended to improve transparency, settlement and recordkeeping.

The company was founded by Mike Cagney, who previously co-founded Social Finance, Inc (SoFi), and Figure has operated primarily in the United States.