Figure Technology Solutions (NASDAQ:FIGR) Trading Down 7.1% – What’s Next?

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) traded down 7.1% during mid-day trading on Monday . The stock traded as low as $33.03 and last traded at $32.0430. 565,466 shares traded hands during trading, a decline of 90% from the average session volume of 5,542,305 shares. The stock had previously closed at $34.51.

Wall Street Analyst Weigh In

FIGR has been the subject of several recent research reports. Mizuho lowered their target price on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating for the company in a research note on Thursday, March 26th. Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, January 29th. Piper Sandler lifted their target price on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Keefe, Bruyette & Woods raised Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. Finally, Bank of America downgraded Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price target on the stock. in a report on Tuesday, February 3rd. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.75.

Figure Technology Solutions Stock Performance

The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $5.70 billion and a PE ratio of 80.50. The stock’s 50 day moving average price is $37.42.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The firm had revenue of $157.63 million during the quarter, compared to the consensus estimate 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 of Directors has initiated a share buyback program on Thursday, February 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to buy up to 3.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Figure Technology Solutions

In other news, Director Sachin Chand Jaitly sold 216,713 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total value of $7,290,225.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David Todd Stevens sold 49,708 shares of the business’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $32.02, for a total value of $1,591,650.16. Following the completion of the sale, the insider directly owned 436,089 shares in the company, valued at $13,963,569.78. This represents a 10.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 292,478 shares of company stock valued at $9,715,699 in the last quarter.

Institutional Trading of Figure Technology Solutions

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