Figure Technology Solutions (NASDAQ:FIGR) Shares Up 3.7% – Still a Buy?

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) rose 3.7% during trading on Wednesday. The company traded as high as $28.38 and last traded at $28.36. 642,269 shares were traded during mid-day trading, a decline of 86% from the average session volume of 4,603,698 shares. The stock had previously closed at $27.35.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings lowered shares of Figure Technology Solutions from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, September 11th. The Goldman Sachs Group set a $41.00 price target on shares of Figure Technology Solutions in a research note on Wednesday. Piper Sandler lowered their price objective on shares of Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Keefe, Bruyette & Woods reduced their target price on Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, July 13th. Finally, Bank of America reissued a “neutral” rating and issued a $44.00 target price on shares of Figure Technology Solutions in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.57.

Figure Technology Solutions Stock Performance

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 $5.12 billion and a P/E ratio of 29.68. The business has a fifty day moving average price of $32.96 and a 200-day moving average price of $32.66.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.24 by $0.11. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%.The company had revenue of $218.45 million during the quarter. On average, sell-side analysts expect that Figure Technology Solutions, Inc. will post 1.17 EPS for the current year.

Insider Buying and Selling

In other Figure Technology Solutions news, CFO Minchung Kgil sold 8,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $38.69, for a total value of $309,520.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $31.38, for a total value of $1,495,257.00. Following the sale, the insider owned 376,599 shares of the company’s stock, valued at approximately $11,817,676.62. This represents a 11.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 63,650 shares of company stock worth $2,037,417. 26.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Figure Technology Solutions

Several institutional investors have recently made changes to their positions in FIGR. Quantinno Capital Management LP bought a new position in shares of Figure Technology Solutions in the first quarter worth about $1,098,000. Temasek Holdings Private Ltd purchased a new stake in Figure Technology Solutions in the 1st quarter worth approximately $1,415,000. Principal Financial Group Inc. bought a new stake in Figure Technology Solutions during the 1st quarter worth approximately $8,125,000. The Manufacturers Life Insurance Company lifted its holdings in Figure Technology Solutions by 660.5% during the first quarter. The Manufacturers Life Insurance Company now owns 42,717 shares of the company’s stock valued at $1,450,000 after purchasing an additional 37,100 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new position in shares of Figure Technology Solutions in the second quarter worth approximately $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.