Figure Technology Solutions, Inc.’s (NASDAQ:FIGR) Lock-Up Period Will Expire on March 10th

Figure Technology Solutions’ (NASDAQ:FIGR) lock-up period is set to expire on Tuesday, March 10th. Figure Technology Solutions had issued 31,500,000 shares in its initial public offering on September 11th. The total size of the offering was $787,500,000 based on an initial share price of $25.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the end of the lock-up period.

Analyst Upgrades and Downgrades

FIGR has been the subject of a number of research reports. Mizuho raised their price target on shares of Figure Technology Solutions from $47.00 to $56.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Sanford C. Bernstein raised their target price on Figure Technology Solutions from $54.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, January 13th. The Goldman Sachs Group dropped their price target on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday. Bank of America cut Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective for the company. in a research note on Tuesday, February 3rd. Finally, Needham & Company LLC decreased their price objective on Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a report on Friday, February 27th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.75.

Figure Technology Solutions Stock Up 7.1%

FIGR stock opened at $30.49 on Thursday. The company has a market capitalization of $5.37 billion and a price-to-earnings ratio of 89.68. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.17. Figure Technology Solutions has a twelve month low of $25.01 and a twelve month high of $78.00. The firm has a 50 day moving average of $47.08.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The company had revenue of $157.63 million during the quarter, compared to analyst estimates of $158.00 million. The firm’s revenue for the quarter was up 90.7% compared to the same quarter last year.

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

Insider Activity

In other Figure Technology Solutions news, Director Michael Scott Cagney sold 200,058 shares of the company’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total value of $7,882,285.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David Todd Stevens sold 26,057 shares of Figure Technology Solutions stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total transaction of $833,824.00. Following the transaction, the insider directly owned 462,943 shares in the company, valued at approximately $14,814,176. This represents a 5.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 426,173 shares of company stock valued at $16,598,394 in the last three months.

Hedge Funds Weigh In On Figure Technology Solutions

A number of hedge funds and other institutional investors have recently made changes to their positions in FIGR. Voya Investment Management LLC purchased a new stake in Figure Technology Solutions during the third quarter worth about $721,000. Exchange Traded Concepts LLC bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $5,963,000. Blue Trust Inc. purchased a new position in Figure Technology Solutions in the third quarter valued at approximately $64,000. Hennessy Advisors Inc. purchased a new position in Figure Technology Solutions in the third quarter valued at approximately $255,000. Finally, CWA Asset Management Group LLC purchased a new stake in Figure Technology Solutions in the third quarter worth $1,412,000.

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.