Figure Technology Solutions (NASDAQ:FIGR) Shares Gap Up – Time to Buy?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) shares gapped up before the market opened on Monday . The stock had previously closed at $35.49, but opened at $37.41. Figure Technology Solutions shares last traded at $35.7580, with a volume of 469,206 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FIGR. Sanford C. Bernstein upped their target price on Figure Technology Solutions from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Zacks Research raised Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Bank of America raised Figure Technology Solutions from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $31.00 to $49.00 in a research note on Wednesday, September 9th. Keefe, Bruyette & Woods lowered their price objective on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating for the company in a report on Monday, July 13th. Finally, Piper Sandler lowered their price objective on Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.88.

Figure Technology Solutions Trading Up 5.2%

The stock has a market cap of $6.89 billion and a PE ratio of 39.90. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The stock’s fifty day moving average price is $32.81 and its 200 day moving average price is $33.08.

Figure Technology Solutions (NASDAQ:FIGR) last issued its earnings results on Thursday, August 13th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. The business had revenue of $218.45 million during the quarter. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%. On average, sell-side analysts forecast that Figure Technology Solutions, Inc. will post 1.2 EPS for the current year.

Insider Transactions at Figure Technology Solutions

In related news, CFO Minchung Kgil sold 8,000 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $38.69, for a total transaction of $309,520.00. Following the completion of the transaction, the chief financial officer owned 483,651 shares in the company, valued at approximately $18,712,457.19. This represents a 1.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $31.38, for a total value of $1,495,257.00. Following the transaction, the insider owned 376,599 shares of the company’s stock, valued at $11,817,676.62. This represents a 11.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 67,650 shares of company stock worth $2,157,537. Insiders own 26.60% of the company’s stock.

Hedge Funds Weigh In On Figure Technology Solutions

Several large investors have recently modified their holdings of the stock. Eurizon Capital SGR S.p.A. purchased a new position in shares of Figure Technology Solutions during the fourth quarter valued at $5,041,000. Quantinno Capital Management LP purchased a new stake in Figure Technology Solutions in the first quarter worth about $1,098,000. Temasek Holdings Private Ltd bought a new position in Figure Technology Solutions during the 1st quarter worth about $1,415,000. Norges Bank bought a new position in Figure Technology Solutions during the 4th quarter worth about $32,672,000. Finally, Principal Financial Group Inc. purchased a new position in Figure Technology Solutions during the 1st quarter valued at about $8,125,000.

Figure Technology Solutions Company Profile

Figure Technology Solutions, Inc is a financial technology company that develops and operates digital platforms for lending and other financial services. Its technology is designed to streamline the origination, underwriting, servicing and funding of loans through automated processes and data-driven tools.

The company’s offerings have included home equity financing, personal loans and related lending products, delivered directly to consumers and through institutional or other financial-services partners.