Figure Technology Solutions (NASDAQ:FIGR) Shares Down 7.1% – What’s Next?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) dropped 7.1% during trading on Monday . The company traded as low as $33.03 and last traded at $32.0430. Approximately 565,466 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 5,542,305 shares. The stock had previously closed at $34.51.

Wall Street Analysts Forecast Growth

FIGR has been the topic of a number of research reports. Texas Capital raised Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Zacks Research lowered Figure Technology Solutions from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Mizuho reduced their target price on Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a report on Thursday, March 26th. Bank of America lowered 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. Finally, Keefe, Bruyette & Woods raised Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.75.

Figure Technology Solutions Stock Performance

The stock has a market cap of $5.46 billion and a P/E ratio of 76.93. The company has a fifty day moving average price of $36.15 and a 200 day moving average price of $41.28. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.20.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly 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 business had revenue of $157.63 million for the quarter, compared to analyst estimates of $158.00 million. Figure Technology Solutions’s revenue for the quarter was up 90.7% on a year-over-year basis.

Figure Technology Solutions announced that its Board of Directors has approved a share buyback plan on Thursday, February 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to reacquire up to 3.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Figure Technology Solutions

In related news, insider David Todd Stevens sold 49,708 shares of the firm’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $32.02, for a total value of $1,591,650.16. Following the transaction, the insider owned 436,089 shares of the company’s stock, valued at approximately $13,963,569.78. This trade represents a 10.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sachin Chand Jaitly sold 216,713 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total transaction of $7,290,225.32. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 292,478 shares of company stock worth $9,715,699 in the last 90 days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Orland Properties Ltd purchased a new position in shares of Figure Technology Solutions during the third quarter valued at approximately $319,187,000. J Digital 6 LLC grew its stake in shares of Figure Technology Solutions by 9.1% in the 4th quarter. J Digital 6 LLC now owns 3,276,587 shares of the company’s stock worth $133,816,000 after acquiring an additional 274,145 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Figure Technology Solutions by 17.9% in the fourth quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company’s stock valued at $121,493,000 after purchasing an additional 452,136 shares during the last quarter. 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 bought a new position in shares of Figure Technology Solutions during the fourth quarter valued at about $67,386,000.

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. 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.