Figure Technology Solutions (NASDAQ:FIGR) Issues Earnings Results, Beats Estimates By $0.01 EPS

Figure Technology Solutions (NASDAQ:FIGR) announced its quarterly earnings results on Monday. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.17 by $0.01, FiscalAI reports. The company had revenue of $166.84 million during the quarter.

Figure Technology Solutions Price Performance

NASDAQ FIGR traded up $1.71 during mid-day trading on Tuesday, hitting $40.68. The stock had a trading volume of 3,880,668 shares, compared to its average volume of 5,053,575. The company has a 50 day simple moving average of $33.91 and a 200 day simple moving average of $40.30. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.19. The company has a market cap of $7.39 billion and a price-to-earnings ratio of 101.94. Figure Technology Solutions has a 52-week low of $25.01 and a 52-week high of $78.00.

Figure Technology Solutions announced that its board has initiated a share buyback plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

FIGR has been the subject of a number of research reports. The Goldman Sachs Group reduced their price target on shares of 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. Keefe, Bruyette & Woods raised Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. Texas Capital raised Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Weiss Ratings lowered shares of Figure Technology Solutions from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, April 24th. Finally, Piper Sandler upped their price target 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. Two equities research 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.75.

Insiders Place Their Bets

In related news, Director June Ou sold 67,840 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $35.19, for a total value of $2,387,289.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Todd Stevens sold 49,708 shares of the stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $32.02, for a total value of $1,591,650.16. Following the sale, the insider owned 436,089 shares in the company, valued at approximately $13,963,569.78. This trade represents a 10.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 620,352 shares of company stock valued at $20,812,730. Company insiders own 26.60% of the company’s stock.

Institutional Trading of Figure Technology Solutions

A number of large investors have recently made changes to their positions in the stock. Orland Properties Ltd purchased a new position in Figure Technology Solutions in the 3rd quarter valued at about $319,187,000. J Digital 6 LLC grew its holdings in Figure Technology Solutions by 9.1% in the fourth quarter. J Digital 6 LLC now owns 3,276,587 shares of the company’s stock valued at $133,816,000 after purchasing an additional 274,145 shares during the period. Vanguard Group Inc. increased its position in Figure Technology Solutions by 17.9% during the fourth quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company’s stock worth $121,493,000 after purchasing an additional 452,136 shares during the last quarter. Duquesne Family Office LLC acquired a new position in Figure Technology Solutions in the third quarter valued at $76,989,000. Finally, Fred Alger Management LLC purchased a new stake in shares of Figure Technology Solutions during the 4th quarter worth about $67,386,000.

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.