Figure Technology Solutions (NASDAQ:FIGR) Shares Gap Up on Better-Than-Expected Earnings

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $34.59, but opened at $35.50. Figure Technology Solutions shares last traded at $41.41, with a volume of 2,685,921 shares traded.

The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.18. The firm had revenue of $156.03 million during the quarter.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FIGR. Bank of America began coverage on shares of Figure Technology Solutions in a research report on Monday, October 6th. They issued a “neutral” rating and a $41.00 price target for the company. The Goldman Sachs Group boosted their price objective on shares of Figure Technology Solutions from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Wall Street Zen raised Figure Technology Solutions to a “hold” rating in a research report on Monday, September 22nd. Piper Sandler assumed coverage on Figure Technology Solutions in a research report on Monday, October 6th. They issued an “overweight” rating and a $50.00 price target for the company. Finally, Zacks Research upgraded Figure Technology Solutions to a “hold” rating in a research note on Tuesday, October 7th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.44.

Insider Buying and Selling at Figure Technology Solutions

In related news, Director Adam Gilbert Boyden sold 468,860 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $25.00, for a total transaction of $11,721,500.00. Following the transaction, the director directly owned 6,651,158 shares of the company’s stock, valued at $166,278,950. This represents a 6.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Benjamin Tannenbaum sold 297,171 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $25.00, for a total value of $7,429,275.00. Following the completion of the sale, the chief executive officer owned 4,092,576 shares of the company’s stock, valued at approximately $102,314,400. This trade represents a 6.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Institutional Trading of Figure Technology Solutions

Institutional investors have recently bought and sold shares of the stock. Ghisallo Capital Management LLC purchased a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $7,274,000. Squarepoint Ops LLC purchased a new position in shares of Figure Technology Solutions in the third quarter worth $18,190,000. Columbus Hill Capital Management L.P. acquired a new stake in shares of Figure Technology Solutions during the third quarter worth $5,546,000. Family Management Corp purchased a new stake in shares of Figure Technology Solutions during the third quarter valued at $214,000. Finally, Invesco Ltd. acquired a new position in shares of Figure Technology Solutions in the 3rd quarter valued at $25,451,000.

Figure Technology Solutions Stock Performance

Figure Technology Solutions Company Profile

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.