Figure Technology Solutions (NASDAQ:FIGR) Lowered to "Underperform" Rating by Bank of America

Key Points

• Bank of America downgraded Figure Technology Solutions (FIGR) from "neutral" to “underperform” and set a $42 price target, implying roughly a 19.7% downside from current levels.
• Analyst sentiment is mixed: MarketBeat shows an average rating of “Moderate Buy” with an average price target of $57 and several firms raising targets, while the stock trades near $52 with a P/E around 154 and a recent quarterly EPS beat ($0.34 vs. $0.16 est.).
• Insider selling has been substantial — insiders sold 3,344,073 shares in the last quarter, valued at about $123.8 million.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) was downgraded by analysts at Bank of America from a "neutral" rating to an "underperform" rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $42.00 price target on the stock. Bank of America's price objective would indicate a potential downside of 19.71% from the company's current price.

FIGR has been the topic of a number of other research reports. Piper Sandler boosted their target price on Figure Technology Solutions from $55.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday, January 14th. Jefferies Financial Group began coverage on shares of Figure Technology Solutions in a report on Monday, October 6th. They issued a "hold" rating and a $40.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and set a $51.00 price target on shares of Figure Technology Solutions in a research note on Monday, November 17th. Mizuho raised their price objective on shares of Figure Technology Solutions from $47.00 to $56.00 and gave the company an "outperform" rating in a research report on Monday, November 17th. Finally, Keefe, Bruyette & Woods boosted their target price on Figure Technology Solutions from $52.00 to $62.00 and gave the stock an "outperform" rating in a research report on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $57.00.

Figure Technology Solutions Trading Down 8.0%

Shares of FIGR stock opened at $52.31 on Tuesday. The firm has a market capitalization of $9.21 billion and a P/E ratio of 153.85. The stock's fifty day moving average price is $48.97. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17. Figure Technology Solutions has a 12 month low of $30.01 and a 12 month high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its quarterly earnings results on Thursday, November 13th. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.18. The business had revenue of $156.03 million for the quarter.

Insider Buying and Selling at Figure Technology Solutions

In other Figure Technology Solutions news, Director Michael Scott Cagney sold 200,058 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total transaction of $7,882,285.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider David Todd Stevens sold 40,000 shares of the company's stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $35.22, for a total value of $1,408,800.00. Following the sale, the insider owned 489,000 shares of the company's stock, valued at $17,222,580. This represents a 7.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 3,344,073 shares of company stock valued at $123,816,526.

Institutional Trading of Figure Technology Solutions

Hedge funds have recently made changes to their positions in the stock. Strs Ohio bought a new position in Figure Technology Solutions during the 4th quarter worth approximately $34,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Figure Technology Solutions during the 4th quarter valued at approximately $40,000. Blue Trust Inc. bought a new position in Figure Technology Solutions during the third quarter worth $64,000. SBI Securities Co. Ltd. acquired a new position in Figure Technology Solutions in the third quarter worth $66,000. Finally, PNC Financial Services Group Inc. bought a new stake in Figure Technology Solutions during the third quarter valued at $73,000.

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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