Figure Technology Solutions (NASDAQ:FIGR) Hits New 1-Year Low on Insider Selling

Key Points

• Figure Technology Solutions shares fell 9.5%, reaching a new 52-week low of $25.00 during Wednesday trading, amid elevated volume.
• CFO Minchung Kgil sold 4,000 shares for approximately $112,520 under a pre-arranged Rule 10b5-1 plan, reducing his position by 0.8% to 495,651 shares.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus and an average price target of $50.25, although several firms recently lowered their targets.

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $25.00 and last traded at $24.9250, with a volume of 3570059 shares. The stock had previously closed at $27.55.

Specifically, CFO Minchung Kgil sold 4,000 shares of the company's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $28.13, for a total transaction of $112,520.00. Following the completion of the sale, the chief financial officer directly owned 495,651 shares of the company's stock, valued at approximately $13,942,662.63. This represents a 0.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

A number of research firms have weighed in on FIGR. Piper Sandler cut their target price on shares of Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. Weiss Ratings raised Figure Technology Solutions from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, June 4th. Needham & Company LLC reaffirmed a "buy" rating and issued a $55.00 target price on shares of Figure Technology Solutions in a report on Wednesday, July 8th. Bank of America cut their price target on Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods reduced their price objective on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating for the company in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Figure Technology Solutions presently has an average rating of "Moderate Buy" and an average price target of $50.25.

Figure Technology Solutions Trading Down 9.5%

The company has a debt-to-equity ratio of 0.20, a current ratio of 1.90 and a quick ratio of 1.90. The company's 50 day moving average is $30.61 and its two-hundred day moving average is $36.93. The firm has a market cap of $4.55 billion and a P/E ratio of 42.97.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. The firm had revenue of $166.84 million for the quarter. On average, sell-side analysts predict that Figure Technology Solutions, Inc. will post 0.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in Figure Technology Solutions during the fourth quarter worth $25,000. WPG Advisers LLC lifted its holdings 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 worth $32,000 after acquiring an additional 388 shares during the period. Strs Ohio acquired a new stake in shares of Figure Technology Solutions during the 4th quarter valued at about $34,000. MetLife Investment Management LLC acquired a new stake in shares of Figure Technology Solutions during the 4th quarter valued at about $35,000. Finally, Flagship Harbor Advisors LLC bought a new stake in Figure Technology Solutions in the fourth quarter valued at about $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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