Figure Technology Solutions (NASDAQ:FIGR) CEO Michael Benjamin Tannenbaum Sells 127,369 Shares

Key Points

• CEO Michael Benjamin Tannenbaum sold shares: He executed pre-arranged Rule 10b5-1 sales of 127,369 shares on Apr 28 for $33.35 each (~$4.25M) and 56,825 shares on Apr 29 for $31.97 each (~$1.82M), leaving him with 3,250,466 shares (a 3.77% ownership decrease).
• Board authorized $200 million buyback: The company approved a repurchase program (up to ~3.3% of shares), and the stock traded up about 5.5% to $35.10 amid active volume, with a 52-week range of $25.01–$78.00.
• Recent results and analyst view: Figure missed quarterly EPS estimates ($0.06 vs. $0.13) though revenue rose 90.7% year-over-year, and analysts hold a consensus "Moderate Buy" with an average target of $53.75.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) CEO Michael Benjamin Tannenbaum sold 127,369 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $33.35, for a total transaction of $4,247,756.15. Following the completion of the sale, the chief executive officer directly owned 3,250,466 shares of the company's stock, valued at $108,403,041.10. This represents a 3.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Benjamin Tannenbaum also recently made the following trade(s):

• On Wednesday, April 29th, Michael Benjamin Tannenbaum sold 56,825 shares of Figure Technology Solutions stock. The stock was sold at an average price of $31.97, for a total transaction of $1,816,695.25.

Figure Technology Solutions Stock Up 5.5%

Figure Technology Solutions stock traded up $1.83 during midday trading on Thursday, hitting $35.10. The stock had a trading volume of 3,342,856 shares, compared to its average volume of 3,733,763. The firm's fifty day moving average is $33.28 and its two-hundred day moving average is $40.46. Figure Technology Solutions, Inc. has a 52-week low of $25.01 and a 52-week high of $78.00. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.19.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.07). The company had revenue of $157.63 million for the quarter, compared to the consensus estimate of $158.00 million. The firm's revenue for the quarter was up 90.7% compared to the same quarter last year. On average, equities analysts expect that Figure Technology Solutions, Inc. will post 0.93 earnings per share for the current fiscal year.

Figure Technology Solutions declared that its board has authorized a stock buyback program on Thursday, February 26th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

FIGR has been the subject of several recent analyst reports. Texas Capital upgraded Figure Technology Solutions to a "strong-buy" rating in a research note on Thursday, January 29th. Sanford C. Bernstein dropped their price target on Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating for the company in a research note on Monday, March 30th. Needham & Company LLC dropped their price target on 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. Zacks Research upgraded Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 14th. Finally, Bank of America downgraded Figure Technology Solutions from a "neutral" rating to an "underperform" rating and set a $42.00 price target for the company. in a research note on Tuesday, February 3rd. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $53.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FIGR. Global Retirement Partners LLC bought a new position in shares of Figure Technology Solutions during the 4th quarter valued at approximately $25,000. WPG Advisers LLC boosted its position in shares of Figure Technology Solutions by 71.1% during the 1st quarter. WPG Advisers LLC now owns 934 shares of the company's stock valued at $32,000 after acquiring an additional 388 shares during the last quarter. Strs Ohio bought a new position in shares of Figure Technology Solutions during the 4th quarter valued at approximately $34,000. MetLife Investment Management LLC bought a new position in shares of Figure Technology Solutions during the 4th quarter valued at approximately $35,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Figure Technology Solutions during the 4th quarter valued at approximately $40,000.

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. 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.

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