Figure Technology Solutions, Inc. (NASDAQ:FIGR) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) have been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, five have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $53.6250.

A number of analysts have recently issued reports on FIGR shares. Sanford C. Bernstein dropped their price target on shares of Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating on the stock in a report on Monday, March 30th. The Goldman Sachs Group lowered their target price on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Bank of America cut their price objective on Figure Technology Solutions from $34.00 to $31.00 in a research note on Thursday, April 2nd. Finally, Weiss Ratings upgraded Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, June 4th.

Insider Activity at Figure Technology Solutions

In related news, Director Michael Scott Cagney sold 67,840 shares of Figure Technology Solutions stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total transaction of $2,387,289.60. Following the transaction, the director owned 67,840 shares in the company, valued at approximately $2,387,289.60. The trade was a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 9,117 shares of Figure Technology Solutions stock in a transaction on Monday, June 15th. The shares were sold at an average price of $30.06, for a total transaction of $274,057.02. Following the transaction, the chief financial officer owned 507,651 shares in the company, valued at approximately $15,259,989.06. This trade represents a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 471,337 shares of company stock worth $16,680,183 in the last 90 days. Company insiders own 26.60% of the company’s stock.

Hedge Funds Weigh In On Figure Technology Solutions

Several hedge funds have recently modified their holdings of FIGR. Orland Properties Ltd purchased a new position in shares of Figure Technology Solutions in the third quarter worth $319,187,000. Vanguard Group Inc. purchased a new position in shares of Figure Technology Solutions in the third quarter worth $91,751,000. Duquesne Family Office LLC purchased a new position in shares of Figure Technology Solutions in the third quarter worth $76,989,000. Fred Alger Management LLC purchased a new position in shares of Figure Technology Solutions in the fourth quarter worth $67,386,000. Finally, Pantera Capital Partners LP purchased a new position in shares of Figure Technology Solutions in the third quarter worth $56,114,000.

Figure Technology Solutions Trading Down 7.6%

NASDAQ:FIGR opened at $27.40 on Friday. The company’s 50 day moving average price is $34.20 and its 200-day moving average price is $39.39. Figure Technology Solutions has a 52 week low of $25.01 and a 52 week high of $78.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.20. The stock has a market cap of $5.00 billion and a price-to-earnings ratio of 47.24.

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

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

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.