Figure Technology Solutions (NASDAQ:FIGR) Trading Up 11.2% – Should You Buy?

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price traded up 11.2% during trading on Wednesday . The company traded as high as $31.80 and last traded at $31.67. 1,197,995 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 5,115,267 shares. The stock had previously closed at $28.47.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Piper Sandler raised their target price on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Zacks Research lowered Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 4th. Weiss Ratings cut shares of Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. Mizuho boosted their price objective on Figure Technology Solutions from $47.00 to $56.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Finally, Needham & Company LLC lowered their target price on Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Figure Technology Solutions presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.75.

Figure Technology Solutions Price Performance

The firm has a market cap of $5.35 billion and a P/E ratio of 89.29. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.17. The company’s 50-day moving average is $47.37.

Figure Technology Solutions (NASDAQ:FIGR) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The business had revenue of $157.63 million during the quarter, compared to analysts’ expectations of $158.00 million. The business’s revenue for the quarter was up 90.7% on a year-over-year basis.

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

Insider Activity

In related news, Director Michael Scott Cagney sold 200,058 shares of Figure Technology Solutions stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total value of $7,882,285.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David K. Chao bought 4,000 shares of the business’s stock in a transaction on Friday, December 5th. The shares were acquired at an average price of $38.26 per share, with a total value of $153,040.00. Following the completion of the purchase, the director directly owned 4,000 shares of the company’s stock, valued at approximately $153,040. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 426,173 shares of company stock worth $16,598,394.

Hedge Funds Weigh In On Figure Technology Solutions

Institutional investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC bought a new position in Figure Technology Solutions in the 4th quarter valued at approximately $25,000. Strs Ohio bought a new position in shares of Figure Technology Solutions in the 4th quarter valued at $34,000. MetLife Investment Management LLC acquired a new stake in shares of Figure Technology Solutions during the 4th quarter valued at $35,000. Flagship Harbor Advisors LLC bought a new stake in Figure Technology Solutions during the 4th quarter worth $40,000. Finally, Johnson Financial Group Inc. acquired a new position in Figure Technology Solutions in the 4th quarter worth about $41,000.

Figure Technology Solutions Company Profile

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.