Figure Technology Solutions (NASDAQ:FIGR) Upgraded to "Strong-Buy" at Freedom Broker

Key Points

• Freedom Broker upgraded Figure Technology Solutions to “strong buy,” contributing to a broader consensus “Buy” rating and an average analyst price target of $53.57.
• FIGR shares opened at $27.67, while the company’s latest quarterly results exceeded expectations, with earnings of $0.35 per share versus the $0.24 consensus estimate and revenue of $218.45 million.
• Company insiders sold 63,650 shares worth approximately $2.04 million during the last quarter, though insiders still own 26.6% of the stock.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) was upgraded by investment analysts at Freedom Broker to a "strong-buy" rating in a research report issued on Thursday, Zacks reports.

Several other analysts have also commented on the company. Needham & Company LLC reaffirmed a "buy" rating on shares of Figure Technology Solutions in a research note on Wednesday, October 7th. The Goldman Sachs Group set a $41.00 price objective on Figure Technology Solutions in a research note on Wednesday, October 7th. Bank of America reissued a "neutral" rating and set a $44.00 price objective on shares of Figure Technology Solutions in a report on Monday, October 5th. Zacks Research upgraded shares of Figure Technology Solutions from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 17th. Finally, Piper Sandler reduced their target price on shares of Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Figure Technology Solutions has a consensus rating of "Buy" and a consensus price target of $53.57.

Figure Technology Solutions Stock Up 10.5%

Figure Technology Solutions stock opened at $27.67 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 1.86. Figure Technology Solutions has a fifty-two week low of $24.10 and a fifty-two week high of $78.00. The firm has a fifty day moving average price of $32.96 and a two-hundred day moving average price of $32.50. The firm has a market cap of $5.14 billion and a price-to-earnings ratio of 29.75.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The firm had revenue of $218.45 million during the quarter. Figure Technology Solutions had a net margin of 33.45% and a return on equity of 18.90%. As a group, analysts forecast that Figure Technology Solutions will post 1.18 earnings per share for the current year.

Insider Activity

In other news, CFO Minchung Kgil sold 8,000 shares of Figure Technology Solutions stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $38.69, for a total transaction of $309,520.00. Following the completion of the sale, the chief financial officer owned 483,651 shares in the company, valued at $18,712,457.19. The trade was a 1.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was 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 of the company's stock, valued at approximately $11,817,676.62. This trade represents a 11.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 63,650 shares of company stock worth $2,037,417. 26.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Figure Technology Solutions

Hedge funds and other institutional investors have recently bought and sold shares of the business. WPG Advisers LLC lifted 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 period. Integrated Wealth Concepts LLC acquired a new stake in shares of Figure Technology Solutions during the second quarter worth $47,000. GAMMA Investing LLC increased its holdings in Figure Technology Solutions by 176.6% in the third quarter. GAMMA Investing LLC now owns 1,690 shares of the company's stock valued at $49,000 after purchasing an additional 1,079 shares during the last quarter. State of Wyoming increased its holdings in Figure Technology Solutions by 14.8% in the first quarter. State of Wyoming now owns 3,864 shares of the company's stock valued at $131,000 after purchasing an additional 498 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new position in Figure Technology Solutions in the first quarter valued at about $133,000.

Figure Technology Solutions Company Profile

Figure Technology Solutions, Inc is a financial technology company that develops blockchain- and artificial intelligence-enabled solutions for lending and financial services. The company's technology is designed to support the origination, servicing, financing and trading of financial assets through more efficient digital processes.

Figure's business activities have included home equity lending, personal lending, mortgage-related services and financial asset marketplaces. Its platform has also been used to facilitate the issuance and transfer of loans and other financial products, with blockchain technology intended to improve transparency, settlement and recordkeeping.

The company was founded by Mike Cagney, who previously co-founded Social Finance, Inc (SoFi), and Figure has operated primarily in the United States.

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