Figure Technology Solutions (NASDAQ:FIGR) Trading Down 9.6% – Here’s Why

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price was down 9.6% on Thursday . The stock traded as low as $32.07 and last traded at $32.10. Approximately 2,306,773 shares changed hands during trading, a decline of 50% from the average daily volume of 4,598,792 shares. The stock had previously closed at $35.50.

Wall Street Analyst Weigh In

FIGR has been the topic of a number of analyst reports. Bank of America downgraded 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. Piper Sandler upped their price objective on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. The Goldman Sachs Group upped their price objective on Figure Technology Solutions from $51.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Sanford C. Bernstein upped their target price on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, January 13th. Finally, Weiss Ratings downgraded Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.50.

Figure Technology Solutions Stock Down 11.6%

The firm’s fifty day moving average price is $48.85. The firm has a market capitalization of $5.13 billion and a P/E ratio of 85.65. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17.

Insider Activity at Figure Technology Solutions

In other news, CEO Michael Benjamin Tannenbaum sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $35.82, for a total value of $3,582,000.00. Following the completion of the transaction, the chief executive officer owned 3,821,366 shares of the company’s stock, valued at $136,881,330.12. The trade was a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director June Ou sold 200,058 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total transaction of $7,882,285.20. The SEC filing for this sale provides additional information. Insiders have sold a total of 852,573 shares of company stock valued at $31,701,291 in the last ninety days.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new stake in shares of Figure Technology Solutions in the fourth quarter valued at $25,000. Wells Fargo & Company MN boosted its stake in Figure Technology Solutions by 3.5% in the 4th quarter. Wells Fargo & Company MN now owns 18,429 shares of the company’s stock worth $753,000 after buying an additional 616 shares during the last quarter. Strs Ohio purchased a new stake in Figure Technology Solutions in the 4th quarter valued at about $34,000. MetLife Investment Management LLC purchased a new position in shares of Figure Technology Solutions during the 4th quarter worth about $35,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Figure Technology Solutions in the fourth quarter worth approximately $40,000.

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.