Figure Technology Solutions (NASDAQ:FIGR) Trading Down 7.3% – Should You Sell?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) dropped 7.3% during mid-day trading on Wednesday . The stock traded as low as $66.06 and last traded at $66.54. Approximately 1,880,292 shares changed hands during trading, a decline of 62% from the average daily volume of 4,997,966 shares. The stock had previously closed at $71.78.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on FIGR shares. Bank of America lifted their price objective on Figure Technology Solutions from $41.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, November 17th. The Goldman Sachs Group lifted their price target on Figure Technology Solutions from $51.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Needham & Company LLC reiterated a “buy” rating and issued a $51.00 price objective on shares of Figure Technology Solutions in a research report on Monday, November 17th. Piper Sandler boosted their target price on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Finally, Jefferies Financial Group started coverage on shares of Figure Technology Solutions in a report on Monday, October 6th. They issued a “hold” rating and a $40.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.63.

Figure Technology Solutions Stock Down 2.8%

The company has a market capitalization of $11.11 billion and a price-to-earnings ratio of 185.56. The company’s 50 day simple moving average is $46.19. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17.

Figure Technology Solutions (NASDAQ:FIGR) last released its earnings results on Thursday, November 13th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.18. The firm had revenue of $156.03 million during the quarter.

Insider Activity

In other Figure Technology Solutions news, Director June Ou sold 200,058 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was 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 is available through the SEC website. Also, CEO Michael Benjamin Tannenbaum sold 90,026 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $35.12, for a total value of $3,161,713.12. Following the transaction, the chief executive officer directly owned 3,641,903 shares in the company, valued at approximately $127,903,633.36. This represents a 2.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 3,344,073 shares of company stock valued at $123,816,526 in the last 90 days.

Institutional Trading of Figure Technology Solutions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Orland Properties Ltd purchased a new position in shares of Figure Technology Solutions during the 3rd quarter worth about $319,187,000. Vanguard Group Inc. purchased a new stake in Figure Technology Solutions in the third quarter valued at approximately $91,751,000. Duquesne Family Office LLC acquired a new position in Figure Technology Solutions during the third quarter worth approximately $76,989,000. Pantera Capital Partners LP purchased a new position in Figure Technology Solutions during the third quarter worth approximately $56,114,000. Finally, Capital World Investors acquired a new position in shares of Figure Technology Solutions in the 3rd quarter valued at $50,918,000.

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.