Van ECK Associates Corp Invests $25.87 Million in Figure Technology Solutions, Inc. $FIGR

Van ECK Associates Corp acquired a new stake in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 711,384 shares of the company’s stock, valued at approximately $25,873,000. Van ECK Associates Corp owned 0.34% of Figure Technology Solutions as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Orland Properties Ltd acquired a new position in Figure Technology Solutions in the 3rd quarter valued at $319,187,000. Vanguard Group Inc. purchased a new position in Figure Technology Solutions during the third quarter worth about $91,751,000. Capital World Investors acquired a new stake in Figure Technology Solutions in the 3rd quarter worth about $50,918,000. Mithril II GP LP acquired a new position in shares of Figure Technology Solutions during the 3rd quarter valued at about $31,353,000. Finally, WIM INVESTMENT MANAGEMENT Ltd acquired a new position in shares of Figure Technology Solutions during the 3rd quarter valued at about $17,650,000.

Figure Technology Solutions Stock Down 3.8%

FIGR opened at $38.08 on Thursday. Figure Technology Solutions, Inc. has a 52-week low of $25.01 and a 52-week high of $78.00. The stock’s 50 day simple moving average is $46.24. The stock has a market capitalization of $6.71 billion and a P/E ratio of 95.20. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17.

Figure Technology Solutions (NASDAQ:FIGR) last issued its earnings results on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The firm had revenue of $157.63 million for the quarter, compared to analyst estimates of $158.00 million. The company’s quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Figure Technology Solutions

In other news, insider David Todd Stevens sold 26,057 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total value of $833,824.00. Following the completion of the sale, the insider owned 462,943 shares of the company’s stock, valued at $14,814,176. This represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

FIGR has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, February 19th. Piper Sandler lifted their price target 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. Texas Capital raised shares of Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, January 29th. The Goldman Sachs Group dropped their price objective on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Finally, Bank of America cut Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 target price on the stock. in a report on Tuesday, February 3rd. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Figure Technology Solutions presently has an average rating of “Moderate Buy” and an average target price of $55.63.

Figure Technology Solutions 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. 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.