Figure Technology Solutions (NASDAQ:FIGR) Trading 8% Higher – Here’s What Happened

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price rose 8% during mid-day trading on Friday . The company traded as high as $39.15 and last traded at $38.96. Approximately 506,727 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 4,605,435 shares. The stock had previously closed at $36.06.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FIGR. Zacks Research upgraded shares of Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a research note on Monday. Weiss Ratings raised Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Mizuho boosted their price target on Figure Technology Solutions from $45.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, May 14th. Sanford C. Bernstein increased their price objective on Figure Technology Solutions from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Finally, Piper Sandler cut their price target on shares of Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $50.62.

Figure Technology Solutions Trading Up 7.4%

The business has a 50 day moving average of $29.90 and a two-hundred day moving average of $32.97. The firm has a market cap of $7.19 billion and a P/E ratio of 41.66. The company has a current ratio of 1.86, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. The firm had revenue of $218.45 million for the quarter. Figure Technology Solutions had a net margin of 33.45% and a return on equity of 18.90%. Analysts predict that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current year.

Insider Activity at Figure Technology Solutions

In other news, insider David Todd Stevens sold 47,650 shares of the stock in a transaction that occurred on 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 transaction, the insider owned 376,599 shares in the company, valued at approximately $11,817,676.62. This trade represents a 11.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 4,000 shares of Figure Technology Solutions stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $30.03, for a total value of $120,120.00. Following the sale, the chief financial officer directly owned 491,651 shares of the company’s stock, valued at approximately $14,764,279.53. The trade was a 0.81% 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. Insiders have sold 72,767 shares of company stock valued at $2,232,634 over the last 90 days. Company insiders own 26.60% of the company’s stock.

Institutional Investors Weigh In On Figure Technology Solutions

Institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC acquired a new stake in Figure Technology Solutions in the 4th quarter worth about $25,000. Strs Ohio acquired a new position in shares of Figure Technology Solutions during the 4th quarter worth approximately $34,000. MetLife Investment Management LLC bought a new position in shares of Figure Technology Solutions during the fourth quarter worth approximately $35,000. WPG Advisers LLC increased its holdings in shares of Figure Technology Solutions by 71.1% during the first quarter. WPG Advisers LLC now owns 934 shares of the company’s stock worth $32,000 after purchasing an additional 388 shares during the period. Finally, Johnson Financial Group Inc. acquired a new stake in shares of Figure Technology Solutions in the fourth quarter valued at approximately $41,000.

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. 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.