Needham & Company LLC Reiterates “Buy” Rating for Figure Technology Solutions (NASDAQ:FIGR)

Figure Technology Solutions (NASDAQ:FIGR)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report released on Thursday,Benzinga reports. They presently have a $55.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 49.33% from the company’s previous close.

A number of other equities research analysts also recently issued reports on FIGR. Weiss Ratings upgraded shares of Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Mizuho upped their price target on shares of Figure Technology Solutions from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Piper Sandler cut their price objective on Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Sanford C. Bernstein lifted their price objective on Figure Technology Solutions from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, Zacks Research upgraded Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.62.

Figure Technology Solutions Trading Up 3.7%

NASDAQ:FIGR opened at $36.83 on Thursday. The stock has a market cap of $6.84 billion and a PE ratio of 39.60. Figure Technology Solutions has a fifty-two week low of $24.11 and a fifty-two week high of $78.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 1.90. The stock’s 50-day moving average is $29.74 and its two-hundred day moving average is $33.12.

Figure Technology Solutions (NASDAQ:FIGR) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. The business had revenue of $218.45 million during the quarter. Figure Technology Solutions had a net margin of 33.45% and a return on equity of 18.90%. As a group, equities research analysts forecast that Figure Technology Solutions will post 1.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Figure Technology Solutions

In other Figure Technology Solutions news, insider David Todd Stevens sold 47,650 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the transaction, the insider directly owned 376,599 shares in the company, valued at $11,817,676.62. This trade represents a 11.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $30.03, for a total value of $120,120.00. Following the completion of the transaction, the chief financial officer directly owned 491,651 shares in the company, valued at $14,764,279.53. The trade was a 0.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 72,767 shares of company stock valued at $2,232,634. 26.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. WPG Advisers LLC raised its holdings in Figure Technology Solutions by 71.1% in the 1st quarter. WPG Advisers LLC now owns 934 shares of the company’s stock worth $32,000 after acquiring an additional 388 shares during the period. State of Wyoming boosted its holdings in Figure Technology Solutions by 14.8% during the first quarter. State of Wyoming now owns 3,864 shares of the company’s stock valued at $131,000 after acquiring an additional 498 shares during the period. Arcus Capital Partners LLC grew its position in shares of Figure Technology Solutions by 7.9% in the first quarter. Arcus Capital Partners LLC now owns 7,400 shares of the company’s stock valued at $251,000 after purchasing an additional 541 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Figure Technology Solutions in the fourth quarter valued at about $25,000. Finally, Wells Fargo & Company MN increased its stake in shares of Figure Technology Solutions by 3.5% in the fourth quarter. Wells Fargo & Company MN now owns 18,429 shares of the company’s stock worth $753,000 after purchasing an additional 616 shares during the period.

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.