Figure Technology Solutions (NASDAQ:FIGR) Trading Down 8.2% – What’s Next?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) was down 8.2% on Thursday . The company traded as low as $31.02 and last traded at $30.9060. Approximately 1,150,635 shares were traded during trading, a decline of 80% from the average daily volume of 5,801,679 shares. The stock had previously closed at $33.68.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Zacks Research downgraded Figure Technology Solutions from a “hold” rating to a “strong sell” rating in a research note on Monday. Bank of America lowered shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective for the company. in a report on Tuesday, February 3rd. Sanford C. Bernstein raised their price objective on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 13th. Piper Sandler boosted their target price 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. Finally, Needham & Company LLC dropped their price target on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, February 27th. 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 given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $55.63.

Figure Technology Solutions Stock Down 4.7%

The business’s 50-day simple moving average is $44.76. The firm has a market cap of $5.70 billion and a P/E ratio of 80.27. The company has a current ratio of 2.20, a quick ratio of 2.26 and a debt-to-equity ratio of 0.19.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates 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. Figure Technology Solutions’s revenue was up 90.7% compared to the same quarter last year.

Figure Technology Solutions announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, insider David Todd Stevens sold 26,057 shares of Figure Technology Solutions stock in a transaction that occurred on Wednesday, February 18th. The shares were 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 in the company, valued at approximately $14,814,176. This trade represents a 5.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sachin Chand Jaitly sold 216,713 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total value of $7,290,225.32. Additional details regarding this sale are available in the official SEC disclosure.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FIGR. Rockefeller Capital Management L.P. purchased a new stake in shares of Figure Technology Solutions in the 4th quarter valued at $935,000. WMS Group LLC acquired a new position in Figure Technology Solutions in the 4th quarter valued at about $300,000. Bank of Hawaii acquired a new position in Figure Technology Solutions in the 4th quarter valued at about $1,087,000. Invesco Ltd. increased its stake in Figure Technology Solutions by 66.5% during the fourth quarter. Invesco Ltd. now owns 1,165,385 shares of the company’s stock worth $47,594,000 after purchasing an additional 465,606 shares during the period. Finally, Alpine Woods Capital Investors LLC acquired a new stake in shares of Figure Technology Solutions during the fourth quarter worth about $1,897,000.

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.