Figure Technology Solutions (NASDAQ:FIGR) Cut to "Sell" at Wall Street Zen

Key Points

• Figure Technology Solutions was downgraded by Wall Street Zen from hold to sell, though the broader analyst picture still shows a Moderate Buy consensus with an average target price of $53.62.
• The stock fell 3.0% to $31.80, leaving it well below its 200-day moving average of $38.37 and far under its 12-month high of $78.00.
• The company recently beat quarterly earnings estimates with EPS of $0.18 versus $0.17 expected, while insider selling has been notable, including more than 479,000 shares sold over the last 90 days.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Sunday.

Several other research analysts have also recently issued reports on the company. Weiss Ratings raised Figure Technology Solutions from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, June 4th. Mizuho increased their price target on Figure Technology Solutions from $45.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, May 14th. Sanford C. Bernstein dropped their price objective on Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating on the stock in a research note on Monday, March 30th. Needham & Company LLC reiterated a "buy" rating and issued a $55.00 target price on shares of Figure Technology Solutions in a research note on Wednesday. Finally, Zacks Research upgraded shares of Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 14th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $53.62.

Figure Technology Solutions Stock Down 3.0%

Shares of NASDAQ:FIGR traded down $0.99 during midday trading on Friday, hitting $31.80. 1,887,061 shares of the company's stock were exchanged, compared to its average volume of 4,217,352. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.90 and a quick ratio of 1.90. Figure Technology Solutions has a 12 month low of $25.01 and a 12 month high of $78.00. The company has a market cap of $5.81 billion and a PE ratio of 54.83. The stock has a 50 day moving average price of $32.82 and a 200-day moving average price of $38.37.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. The business had revenue of $166.84 million during the quarter. On average, sell-side analysts anticipate that Figure Technology Solutions will post 0.89 EPS for the current fiscal year.

Insider Activity at Figure Technology Solutions

In other Figure Technology Solutions news, insider David Todd Stevens sold 47,064 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $42.35, for a total value of $1,993,160.40. Following the transaction, the insider directly owned 406,051 shares in the company, valued at $17,196,259.85. The trade was a 10.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director June Ou sold 67,840 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total transaction of $2,387,289.60. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 479,337 shares of company stock valued at $16,910,863 in the last 90 days. 26.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Figure Technology Solutions

Several institutional investors have recently bought and sold shares of the company. Pictet Asset Management Holding SA grew its position in shares of Figure Technology Solutions by 69.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 67,893 shares of the company's stock valued at $2,773,000 after purchasing an additional 27,893 shares in the last quarter. UBS Group AG lifted its holdings in Figure Technology Solutions by 322.9% during the 4th quarter. UBS Group AG now owns 885,977 shares of the company's stock worth $36,183,000 after purchasing an additional 676,470 shares in the last quarter. SG Americas Securities LLC bought a new position in Figure Technology Solutions in the 4th quarter worth about $1,416,000. Vanguard Group Inc. boosted its stake in Figure Technology Solutions by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company's stock worth $121,493,000 after purchasing an additional 452,136 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Figure Technology Solutions during the 4th quarter valued at about $5,041,000.

About Figure Technology Solutions

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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