Figure Technology Solutions (NASDAQ:FIGR) Trading 11.2% Higher – Time to Buy?

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price shot up 11.2% during trading on Wednesday . The company traded as high as $31.80 and last traded at $31.67. 1,197,995 shares traded hands during trading, a decline of 77% from the average session volume of 5,115,267 shares. The stock had previously closed at $28.47.

Analyst Upgrades and Downgrades

FIGR has been the subject of a number of recent research reports. Bank of America downgraded shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price target for the company. in a research note on Tuesday, February 3rd. Piper Sandler increased their target price on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Mizuho upped their price objective on Figure Technology Solutions from $47.00 to $56.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Finally, The Goldman Sachs Group dropped their price objective on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a report on Monday. Two research 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 assigned a Sell rating to the company. According to MarketBeat.com, Figure Technology Solutions currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.75.

Figure Technology Solutions Stock Up 3.2%

The company has a fifty day moving average price of $46.80. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.26 and a current ratio of 2.26. The stock has a market capitalization of $5.54 billion and a P/E ratio of 78.65.

Figure Technology Solutions (NASDAQ:FIGR) last posted its 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 firm had revenue of $157.63 million during the quarter, compared to analyst estimates of $158.00 million. The firm’s quarterly revenue was up 90.7% compared to the same quarter last year.

Figure Technology Solutions declared that its Board of Directors has initiated a share repurchase program on Thursday, February 26th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Michael Scott Cagney sold 200,058 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $39.40, for a total transaction of $7,882,285.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director June Ou sold 200,058 shares of the business’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total value of $7,882,285.20. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 426,173 shares of company stock worth $16,598,394 in the last 90 days.

Institutional Inflows and Outflows

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