Figure Technology Solutions (NASDAQ:FIGR) Cut to Strong Sell at Zacks Research

Figure Technology Solutions (NASDAQ:FIGR) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

A number of other research firms also recently commented on FIGR. Piper Sandler increased their price objective on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Sanford C. Bernstein increased their price target on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 13th. Mizuho lowered their price objective on Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating for the company in a report on Tuesday, March 10th. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Finally, Texas Capital upgraded Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and three have assigned 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 $55.63.

Figure Technology Solutions Stock Down 2.1%

FIGR stock opened at $33.68 on Monday. The company has a quick ratio of 2.26, a current ratio of 2.20 and a debt-to-equity ratio of 0.19. Figure Technology Solutions has a 52-week low of $25.01 and a 52-week high of $78.00. The business’s 50 day simple moving average is $44.76. The stock has a market cap of $5.98 billion and a P/E ratio of 84.20.

Figure Technology Solutions (NASDAQ:FIGR) last released its earnings results on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing the consensus estimate 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. Figure Technology Solutions’s revenue was up 90.7% compared to the same quarter last year.

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

Insider Activity

In other news, insider David Todd Stevens sold 26,057 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total transaction of $833,824.00. Following the completion of the transaction, the insider directly owned 462,943 shares of the company’s stock, valued at approximately $14,814,176. This represents a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sachin Chand Jaitly sold 216,713 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total value of $7,290,225.32. The disclosure for this sale is available in the SEC filing.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FIGR. Orland Properties Ltd bought a new stake in Figure Technology Solutions in the third quarter valued at $319,187,000. Vanguard Group Inc. acquired a new stake in shares of Figure Technology Solutions in the 3rd quarter worth about $91,751,000. Duquesne Family Office LLC bought a new stake in Figure Technology Solutions in the 3rd quarter valued at about $76,989,000. Fred Alger Management LLC acquired a new position in Figure Technology Solutions during the 4th quarter valued at about $67,386,000. Finally, Pantera Capital Partners LP acquired a new stake in shares of Figure Technology Solutions in the third quarter valued at approximately $56,114,000.

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.