Figure Technology Solutions, Inc.'s (NASDAQ:FIGR) Quiet Period Set To End on October 21st

Key Points

• The quiet period for Figure Technology Solutions is set to end on October 21st, allowing analysts to initiate research coverage after the company had a public offering of 31.5 million shares.
• Several brokerages have recently started coverage on Figure Technology Solutions, with ratings ranging from "hold" to "outperform" and target prices between $41.00 and $50.00.
• CEO Michael Benjamin Tannenbaum and Director Adam Gilbert Boyden both sold significant amounts of shares recently, with Tannenbaum decreasing his ownership by 6.77% from a total of over 4 million shares.

Figure Technology Solutions' (NASDAQ:FIGR - Get Free Report) quiet period is set to expire on Tuesday, October 21st. Figure Technology Solutions had issued 31,500,000 shares in its public offering on September 11th. The total size of the offering was $787,500,000 based on an initial share price of $25.00. During the company's quiet period, insiders and underwriters involved in the IPO are restricted from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company's quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

Several brokerages have weighed in on FIGR. Zacks Research upgraded shares of Figure Technology Solutions to a "hold" rating in a research report on Tuesday, October 7th. The Goldman Sachs Group began coverage on shares of Figure Technology Solutions in a research report on Monday, October 6th. They set a "buy" rating and a $42.00 target price on the stock. Bank of America began coverage on shares of Figure Technology Solutions in a research report on Monday, October 6th. They set a "neutral" rating and a $41.00 target price on the stock. Mizuho began coverage on shares of Figure Technology Solutions in a research report on Monday, October 6th. They set an "outperform" rating and a $47.00 target price on the stock. Finally, Piper Sandler began coverage on shares of Figure Technology Solutions in a research report on Monday, October 6th. They set an "overweight" rating and a $50.00 target price on the stock. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $46.69.

Figure Technology Solutions Stock Performance

FIGR stock opened at $44.00 on Tuesday. Figure Technology Solutions has a 12 month low of $30.01 and a 12 month high of $49.50.

Insider Activity at Figure Technology Solutions

In related news, CEO Michael Benjamin Tannenbaum sold 297,171 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $25.00, for a total transaction of $7,429,275.00. Following the transaction, the chief executive officer owned 4,092,576 shares of the company's stock, valued at approximately $102,314,400. This represents a 6.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Adam Gilbert Boyden sold 468,860 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $25.00, for a total transaction of $11,721,500.00. Following the transaction, the director directly owned 6,651,158 shares in the company, valued at $166,278,950. The trade was a 6.59% decrease in their position. The disclosure for this sale can be found here.

Hedge Funds Weigh In On Figure Technology Solutions

An institutional investor recently bought a new position in Figure Technology Solutions stock. Voya Investment Management LLC purchased a new position in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 19,814 shares of the company's stock, valued at approximately $721,000.

Figure Technology Solutions Company Profile

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.

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