Figure Technology Solutions (NASDAQ:FIGR) Trading Down 7.3% – What’s Next?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) fell 7.3% during mid-day trading on Wednesday . The company traded as low as $66.06 and last traded at $66.54. 1,880,292 shares changed hands during trading, a decline of 62% from the average session volume of 4,997,966 shares. The stock had previously closed at $71.78.

Analysts Set New Price Targets

Several research firms recently weighed in on FIGR. Bank of America upped their price target on Figure Technology Solutions from $41.00 to $47.00 and gave the stock a “neutral” rating in a research note on Monday, November 17th. Sanford C. Bernstein increased their price target on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, January 13th. Keefe, Bruyette & Woods increased their target price on Figure Technology Solutions from $52.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, January 8th. Jefferies Financial Group assumed coverage on Figure Technology Solutions in a research note on Monday, October 6th. They issued a “hold” rating and a $40.00 price target for the company. Finally, Zacks Research upgraded Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a report on Friday, January 2nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Figure Technology Solutions has a consensus rating of “Moderate Buy” and an average price target of $57.63.

Figure Technology Solutions Stock Down 4.2%

The firm has a market capitalization of $12.10 billion and a P/E ratio of 202.15. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17. The company has a fifty day moving average of $44.49.

Figure Technology Solutions (NASDAQ:FIGR) last released its earnings results on Thursday, November 13th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.18. The company had revenue of $156.03 million for the quarter.

Insiders Place Their Bets

In related news, insider David Todd Stevens sold 40,000 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $35.22, for a total transaction of $1,408,800.00. Following the completion of the transaction, the insider directly owned 489,000 shares of the company’s stock, valued at approximately $17,222,580. This trade represents a 7.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director June Ou sold 200,058 shares of the business’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $39.40, for a total transaction of $7,882,285.20. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,344,073 shares of company stock worth $123,816,526 in the last three months.

Hedge Funds Weigh In On Figure Technology Solutions

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC bought a new stake in Figure Technology Solutions in the 3rd quarter worth approximately $721,000. Exchange Traded Concepts LLC purchased a new stake in Figure Technology Solutions during the third quarter valued at $5,963,000. Blue Trust Inc. bought a new position in Figure Technology Solutions during the third quarter valued at $64,000. Hennessy Advisors Inc. purchased a new position in shares of Figure Technology Solutions in the 3rd quarter worth $255,000. Finally, CWA Asset Management Group LLC bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth about $1,412,000.

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.