Figure Technology Solutions (NASDAQ:FIGR) Trading 5.8% Higher – Here’s What Happened

Figure Technology Solutions, Inc. (NASDAQ:FIGR) shares shot up 5.8% during trading on Friday . The company traded as high as $37.50 and last traded at $38.6820. Approximately 158,407 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 4,579,214 shares. The stock had previously closed at $36.57.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FIGR. Sanford C. Bernstein raised their price objective on shares of Figure Technology Solutions from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Bank of America raised Figure Technology Solutions from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $31.00 to $49.00 in a report on Wednesday. Zacks Research upgraded Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Wall Street Zen upgraded Figure Technology Solutions from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Piper Sandler dropped their target price on Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.88.

Figure Technology Solutions Price Performance

The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The company’s fifty day moving average price is $32.32 and its 200 day moving average price is $32.83. The company has a market capitalization of $6.88 billion and a P/E ratio of 39.82.

Figure Technology Solutions (NASDAQ:FIGR) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.11. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%.The business had revenue of $218.45 million during the quarter. As a group, sell-side analysts forecast that Figure Technology Solutions, Inc. will post 1.2 EPS for the current year.

Insiders Place Their Bets

In other Figure Technology Solutions news, insider David Stevens sold 47,650 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the sale, the insider directly owned 376,599 shares in the company, valued at $11,817,676.62. This represents a 11.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 9,117 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $30.06, for a total transaction of $274,057.02. Following the completion of the transaction, the chief financial officer directly owned 507,651 shares in the company, valued at approximately $15,259,989.06. This represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 80,767 shares of company stock worth $2,542,154 in the last 90 days. 26.60% of the stock is owned by company insiders.

Institutional Trading of Figure Technology Solutions

Several large investors have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in Figure Technology Solutions during the fourth quarter valued at approximately $25,000. WPG Advisers LLC increased its stake in shares of Figure Technology Solutions by 71.1% in the 1st quarter. WPG Advisers LLC now owns 934 shares of the company’s stock valued at $32,000 after purchasing an additional 388 shares during the last quarter. Strs Ohio acquired a new position in shares of Figure Technology Solutions during the 4th quarter worth $34,000. MetLife Investment Management LLC bought a new stake in shares of Figure Technology Solutions during the 4th quarter worth $35,000. Finally, Johnson Financial Group Inc. bought a new stake in shares of Figure Technology Solutions during the 4th quarter worth $41,000.

About Figure Technology Solutions

Figure Technology Solutions, Inc is a financial technology company that develops and operates digital platforms for lending and other financial services. Its technology is designed to streamline the origination, underwriting, servicing and funding of loans through automated processes and data-driven tools.

The company’s offerings have included home equity financing, personal loans and related lending products, delivered directly to consumers and through institutional or other financial-services partners.