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

Key Points

• Freedom Capital upgraded Figure Technology Solutions to “strong buy.” Analysts overall maintain a consensus “Buy” rating, with an average price target of $53.57.
• FIGR shares fell 2.0% to $27.13, well below the 52-week high of $78.00. The company recently exceeded quarterly earnings expectations, reporting $0.35 in EPS versus a $0.24 consensus estimate and $218.45 million in revenue.
• Insiders sold 63,650 shares worth approximately $2.04 million over the past three months, though insiders still own 26.6% of the company.

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

Other equities research analysts have also issued research reports about the company. Bank of America reissued a "neutral" rating and issued a $44.00 price target on shares of Figure Technology Solutions in a research note on Monday, October 5th. Sanford C. Bernstein lifted their price objective on Figure Technology Solutions from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. Freedom Broker raised Figure Technology Solutions to a "strong-buy" rating in a research note on Thursday. Keefe, Bruyette & Woods 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 Monday, July 13th. Finally, Wall Street Zen raised shares of Figure Technology Solutions from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Four investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $53.57.

Figure Technology Solutions Trading Down 2.0%

FIGR traded down $0.54 during trading on Thursday, reaching $27.13. 4,725,687 shares of the company's stock were exchanged, compared to its average volume of 5,121,992. Figure Technology Solutions has a one year low of $24.10 and a one year high of $78.00. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $5.04 billion and a PE ratio of 29.17. The firm has a fifty day moving average price of $32.93 and a two-hundred day moving average price of $32.46.

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

Insider Transactions at Figure Technology Solutions

In other Figure Technology Solutions news, 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 value of $1,495,257.00. Following the transaction, the insider directly owned 376,599 shares of the company's stock, valued at approximately $11,817,676.62. The trade was a 11.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 8,000 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $38.69, for a total value of $309,520.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 63,650 shares of company stock worth $2,037,417 over the last three months. 26.60% of the stock is owned by company insiders.

Institutional Trading of Figure Technology Solutions

Several hedge funds have recently modified their holdings of FIGR. WPG Advisers LLC grew 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 buying an additional 388 shares during the period. Integrated Wealth Concepts LLC acquired a new position in Figure Technology Solutions during the 2nd quarter worth approximately $47,000. GAMMA Investing LLC raised its stake in Figure Technology Solutions by 176.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,690 shares of the company's stock worth $49,000 after buying an additional 1,079 shares during the period. State of Wyoming boosted 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 worth $131,000 after acquiring an additional 498 shares in the last quarter. Finally, Fifth Third Bancorp bought a new position in Figure Technology Solutions in the first quarter worth approximately $133,000.

About Figure Technology Solutions

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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