Figure Technology Solutions (NASDAQ:FIGR) Sets New 52-Week Low – Here’s Why

Figure Technology Solutions, Inc. (NASDAQ:FIGR) reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $24.10 and last traded at $24.3830, with a volume of 1,999,867 shares changing hands. The stock had previously closed at $25.36.

Analysts Set New Price Targets

Several analysts recently commented on the company. Freedom Broker raised Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, October 15th. Wall Street Zen upgraded shares of Figure Technology Solutions from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Piper Sandler cut their price objective on shares of Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Sanford C. Bernstein lifted their price target on Figure Technology Solutions from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Finally, Keefe, Bruyette & Woods dropped 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. Four analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Figure Technology Solutions has an average rating of “Buy” and a consensus price target of $53.57.

Figure Technology Solutions Price Performance

The business has a fifty day moving average price of $32.72 and a 200-day moving average price of $32.30. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $4.46 billion and a PE ratio of 25.85.

Figure Technology Solutions (NASDAQ:FIGR) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.11. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%. The company had revenue of $218.45 million for the quarter. Research analysts expect that Figure Technology Solutions, Inc. will post 1.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Figure Technology Solutions news, insider David Stevens sold 47,650 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $31.38, for a total value of $1,495,257.00. Following the completion of the transaction, the insider directly owned 376,599 shares in the company, valued at $11,817,676.62. This trade represents a 11.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 8,000 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $38.69, for a total value of $309,520.00. Following the transaction, the chief financial officer directly owned 483,651 shares of the company’s stock, valued at approximately $18,712,457.19. The trade was a 1.63% 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. In the last ninety days, insiders have sold 63,650 shares of company stock valued at $2,037,417. 26.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Figure Technology Solutions

Hedge funds have recently added to or reduced their stakes in the stock. Investment House LLC lifted its stake in shares of Figure Technology Solutions by 45.0% in the 3rd quarter. Investment House LLC now owns 285,955 shares of the company’s stock valued at $8,250,000 after purchasing an additional 88,700 shares during the period. SBI Securities Co. Ltd. increased its stake in Figure Technology Solutions by 157.4% in the third quarter. SBI Securities Co. Ltd. now owns 1,974 shares of the company’s stock valued at $57,000 after purchasing an additional 1,207 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Figure Technology Solutions by 92.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 192,421 shares of the company’s stock worth $5,551,000 after purchasing an additional 92,421 shares in the last quarter. Sax Wealth Advisors LLC bought a new position in shares of Figure Technology Solutions during the third quarter worth $589,000. Finally, GAMMA Investing LLC grew its holdings in shares of Figure Technology Solutions by 176.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,690 shares of the company’s stock valued at $49,000 after buying an additional 1,079 shares during the period.

Figure Technology Solutions Company Profile

Figure Technology Solutions, Inc is a financial technology company that develops technology-enabled lending and financial services products. The company uses artificial intelligence, blockchain and data-driven underwriting tools to streamline the origination, servicing and management of loans and other financial transactions.

Figure’s platform has supported products including home equity lines of credit, mortgage-related lending and personal loans. Its technology is designed to automate traditionally paper-intensive processes, improve transaction speed and provide digital tools for borrowers, lenders and other financial institutions.

Founded in 2018, Figure is headquartered in the United States and primarily serves the U.S.