Figure Technology Solutions, Inc.’s Lock-Up Period Will Expire Tomorrow (NASDAQ:FIGR)

Figure Technology Solutions’ (NASDAQ:FIGR) lock-up period is set to expire on Tuesday, March 10th. Figure Technology Solutions had issued 31,500,000 shares in its IPO on September 11th. The total size of the offering was $787,500,000 based on an initial share price of $25.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the expiration of the lock-up period.

Analysts Set New Price Targets

Several research firms recently weighed in on FIGR. Mizuho lifted their target price on shares of Figure Technology Solutions from $47.00 to $56.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. Piper Sandler raised their price objective on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Weiss Ratings cut Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, February 11th. Finally, The Goldman Sachs Group decreased their target price on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.75.

Figure Technology Solutions Stock Down 3.2%

Shares of Figure Technology Solutions stock opened at $30.48 on Monday. The company has a 50-day moving average price of $46.53. Figure Technology Solutions has a fifty-two week low of $25.01 and a fifty-two week high of $78.00. The company has a market capitalization of $5.37 billion and a price-to-earnings ratio of 76.20. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.26 and a current ratio of 2.26.

Figure Technology Solutions (NASDAQ:FIGR) last released its earnings results 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 the consensus estimate of $158.00 million. The business’s quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions announced that its Board of Directors has authorized a share buyback program on Thursday, February 26th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Figure Technology Solutions

In related news, Director Michael Scott Cagney sold 200,058 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total transaction of $7,882,285.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David Todd Stevens sold 26,057 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total transaction of $833,824.00. Following the sale, the insider owned 462,943 shares in the company, valued at approximately $14,814,176. This trade represents a 5.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 426,173 shares of company stock valued at $16,598,394 in the last quarter.

Institutional Trading of Figure Technology Solutions

Several hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC acquired a new position in Figure Technology Solutions during the 4th quarter valued at approximately $25,000. Strs Ohio acquired a new stake in Figure Technology Solutions in the fourth quarter worth $34,000. MetLife Investment Management LLC bought a new stake in Figure Technology Solutions in the fourth quarter valued at $35,000. Flagship Harbor Advisors LLC bought a new stake in Figure Technology Solutions in the fourth quarter valued at $40,000. Finally, Johnson Financial Group Inc. acquired a new position in shares of Figure Technology Solutions during the fourth quarter valued at $41,000.

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.