Figure Technology Solutions (NASDAQ:FIGR) Earns "Buy" Rating from Needham & Company LLC

Key Points

• Needham & Company reiterated a Buy rating on Figure Technology Solutions and set a $55 price target, implying about 39% upside from the current share price.
• The analyst view is mixed overall: several firms recently cut price targets, but the stock still carries a Moderate Buy consensus with an average target of $52.38.
• Figure reported Q1 EPS of $0.18, slightly ahead of expectations, and its board approved a $200 million share repurchase program, signaling confidence in the company’s valuation.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report)'s stock had its "buy" rating restated by Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $55.00 price target on the stock. Needham & Company LLC's price target would indicate a potential upside of 39.24% from the stock's current price.

Several other analysts also recently weighed in on the company. The Goldman Sachs Group decreased their price objective on Figure Technology Solutions from $49.00 to $44.00 and set a "buy" rating for the company in a report on Monday, March 2nd. Mizuho decreased their price objective on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating for the company in a report on Thursday, March 26th. Zacks Research upgraded Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 14th. Sanford C. Bernstein decreased their price objective on Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating for the company in a report on Monday, March 30th. Finally, Texas Capital upgraded Figure Technology Solutions to a "strong-buy" rating in a report on Thursday, January 29th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $52.38.

Figure Technology Solutions Stock Up 1.4%

Shares of FIGR opened at $39.50 on Wednesday. The firm has a market capitalization of $7.18 billion and a P/E ratio of 98.75. Figure Technology Solutions has a 12-month low of $25.01 and a 12-month 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. The firm has a fifty day moving average price of $34.20 and a 200-day moving average price of $40.31.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.01. The company had revenue of $166.84 million for the quarter. Equities research analysts expect that Figure Technology Solutions will post 0.93 earnings per share for the current year.

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

Insider Activity

In related news, insider David Todd Stevens sold 49,708 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $32.02, for a total value of $1,591,650.16. Following the completion of the transaction, the insider directly owned 436,089 shares of the company's stock, valued at $13,963,569.78. This trade represents a 10.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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. 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. Insiders sold 620,352 shares of company stock worth $20,812,730 over the last quarter. Company insiders own 26.60% of the company's stock.

Hedge Funds Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Temasek Holdings Private Ltd purchased a new position in shares of Figure Technology Solutions in the 1st quarter valued at approximately $1,415,000. PNC Financial Services Group Inc. raised its position in shares of Figure Technology Solutions by 51.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,128 shares of the company's stock valued at $174,000 after purchasing an additional 1,749 shares during the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Figure Technology Solutions in the 1st quarter valued at approximately $334,000. Kera Capital Partners Inc. purchased a new position in shares of Figure Technology Solutions in the 1st quarter valued at approximately $742,000. Finally, Arcus Capital Partners LLC raised its position in shares of Figure Technology Solutions by 7.9% in the 1st quarter. Arcus Capital Partners LLC now owns 7,400 shares of the company's stock valued at $251,000 after purchasing an additional 541 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.