Minchung Kgil Sells 4,000 Shares of Figure Technology Solutions (NASDAQ:FIGR) Stock

Figure Technology Solutions, Inc. (NASDAQ:FIGR) CFO Minchung Kgil sold 4,000 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $27.64, for a total value of $110,560.00. Following the sale, the chief financial officer directly owned 503,651 shares in the company, valued at $13,920,913.64. This represents a 0.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Minchung Kgil also recently made the following trade(s):

• On Monday, June 15th, Minchung Kgil sold 9,117 shares of Figure Technology Solutions stock. The shares were sold at an average price of $30.06, for a total value of $274,057.02.
• On Friday, April 24th, Minchung Kgil sold 8,000 shares of Figure Technology Solutions stock. The stock was sold at an average price of $32.25, for a total value of $258,000.00.

Figure Technology Solutions Stock Performance

Figure Technology Solutions stock traded down $0.03 during midday trading on Friday, hitting $26.88. 9,744,915 shares of the company were exchanged, compared to its average volume of 4,886,595. The business has a fifty day simple moving average of $33.50 and a two-hundred day simple moving average of $39.03. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market capitalization of $4.91 billion and a PE ratio of 46.34. Figure Technology Solutions, Inc. has a fifty-two week low of $25.01 and a fifty-two week high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The company had revenue of $166.84 million during the quarter. On average, sell-side analysts forecast that Figure Technology Solutions, Inc. will post 0.94 earnings per share for the current year.

Figure Technology Solutions declared that its board has initiated a stock repurchase plan on Thursday, February 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Orland Properties Ltd acquired a new stake in shares of Figure Technology Solutions in the third quarter valued at about $319,187,000. Vanguard Group Inc. purchased a new position in Figure Technology Solutions in the 3rd quarter valued at about $91,751,000. Duquesne Family Office LLC purchased a new position in Figure Technology Solutions in the 3rd quarter valued at about $76,989,000. Fred Alger Management LLC acquired a new stake in Figure Technology Solutions in the 4th quarter worth about $67,386,000. Finally, Pantera Capital Partners LP purchased a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $56,114,000.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FIGR. Mizuho lifted their price objective on shares of Figure Technology Solutions from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, May 14th. Zacks Research raised shares of Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 14th. Bank of America dropped their target price on Figure Technology Solutions from $34.00 to $31.00 in a research report on Thursday, April 2nd. The Goldman Sachs Group reduced their price target on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $55.00 price target on shares of Figure Technology Solutions in a research report on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.62.

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.