JPMorgan Chase & Co. Takes $15.53 Million Position in Figure Technology Solutions, Inc. $FIGR

JPMorgan Chase & Co. bought a new position in Figure Technology Solutions, Inc. (NASDAQ:FIGR) during the 3rd quarter, Holdings Channel.com reports. The firm bought 426,972 shares of the company’s stock, valued at approximately $15,529,000.

Several other hedge funds also recently made changes to their positions in FIGR. Tudor Investment Corp ET AL bought a new stake in Figure Technology Solutions during the 3rd quarter valued at $8,005,000. Hudson Bay Capital Management LP purchased a new position in shares of Figure Technology Solutions in the third quarter valued at about $3,842,000. Lunate Capital Ltd bought a new position in shares of Figure Technology Solutions during the third quarter valued at about $24,732,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Figure Technology Solutions during the third quarter worth about $264,000. Finally, Woodline Partners LP bought a new stake in shares of Figure Technology Solutions in the third quarter worth about $1,091,000.

Insider Buying and Selling at Figure Technology Solutions

In other news, insider David Todd Stevens sold 49,708 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the sale, the insider owned 436,089 shares in the company, valued at approximately $13,963,569.78. The trade was a 10.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sachin Chand Jaitly sold 216,713 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total transaction of $7,290,225.32. The SEC filing for this sale provides additional information. Insiders have sold 292,478 shares of company stock valued at $9,715,699 in the last three months.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FIGR shares. Texas Capital upgraded Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Bank of America lowered Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective on the stock. in a research report on Tuesday, February 3rd. Needham & Company LLC reduced 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. Zacks Research downgraded Figure Technology Solutions from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Finally, Keefe, Bruyette & Woods raised Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Two equities research 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 company. According to MarketBeat, Figure Technology Solutions presently has a consensus rating of “Moderate Buy” and an average price target of $54.38.

Figure Technology Solutions Stock Performance

Shares of NASDAQ:FIGR opened at $31.94 on Friday. Figure Technology Solutions, Inc. has a 52-week low of $25.01 and a 52-week high of $78.00. The company has a market cap of $5.67 billion and a price-to-earnings ratio of 79.85. The stock has a 50 day moving average price of $41.79. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.20.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.07). The company had revenue of $157.63 million during the quarter, compared to the consensus estimate of $158.00 million. The business’s revenue for the quarter was up 90.7% compared to the same quarter last year.

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

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.