Mizuho Has Lowered Expectations for Figure Technology Solutions (NASDAQ:FIGR) Stock Price

Figure Technology Solutions (NASDAQ:FIGR) had its target price reduced by stock analysts at Mizuho from $55.00 to $45.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price objective would suggest a potential upside of 45.16% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Texas Capital raised shares of Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Sanford C. Bernstein upped their price objective on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, January 13th. Zacks Research downgraded shares of Figure Technology Solutions from a “hold” rating to a “strong sell” rating in a research note on Monday, March 16th. Bank of America lowered shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 target price for the company. in a report on Tuesday, February 3rd. Finally, Piper Sandler boosted their price target on Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.38.

Figure Technology Solutions Trading Down 2.9%

FIGR opened at $31.00 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.20 and a current ratio of 2.20. The company has a market capitalization of $5.50 billion and a P/E ratio of 77.50. The business has a fifty day moving average price of $40.93. Figure Technology Solutions has a 12-month low of $25.01 and a 12-month high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR) last announced its 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 firm had revenue of $157.63 million for the quarter, compared to analysts’ expectations of $158.00 million. The company’s revenue was up 90.7% on a year-over-year basis.

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

Insider Transactions at Figure Technology Solutions

In other Figure Technology Solutions news, insider David Todd Stevens sold 49,708 shares of the firm’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the completion of the sale, the insider directly owned 436,089 shares in the company, valued at approximately $13,963,569.78. This trade represents a 10.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sachin Chand Jaitly sold 216,713 shares of Figure Technology Solutions stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total transaction of $7,290,225.32. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 292,478 shares of company stock worth $9,715,699.

Institutional Investors Weigh In On Figure Technology Solutions

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

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.