Figure Technology Solutions (NASDAQ:FIGR) Shares Down 5.2% - Here's What Happened

Key Points

• Figure Technology Solutions' shares fell by 5.2% during trading, closing at $46.60, with a significant decline in trading volume compared to average levels.
• Analysts have issued a range of ratings for the stock, with six recommending a Buy and three a Hold, setting various price targets between $41.00 and $54.00.
• Recent insider trading included significant share sales by Director Adam Gilbert Boyden and CEO Michael Benjamin Tannenbaum, each reducing their holdings by over 6%.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) shares dropped 5.2% during trading on Thursday . The stock traded as low as $46.27 and last traded at $46.60. Approximately 1,158,698 shares traded hands during trading, a decline of 77% from the average daily volume of 5,082,995 shares. The stock had previously closed at $49.17.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FIGR. Sanford C. Bernstein began coverage on Figure Technology Solutions in a research report on Monday. They set an "outperform" rating and a $54.00 price objective for the company. Wall Street Zen upgraded shares of Figure Technology Solutions to a "hold" rating in a report on Monday, September 22nd. The Goldman Sachs Group started coverage on shares of Figure Technology Solutions in a research note on Monday. They set a "buy" rating and a $42.00 target price for the company. Needham & Company LLC started coverage on Figure Technology Solutions in a research report on Monday. They set a "buy" rating and a $51.00 price objective for the company. Finally, Bank of America started coverage on Figure Technology Solutions in a research report on Monday. They set a "neutral" rating and a $41.00 price objective for the company. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Figure Technology Solutions currently has an average rating of "Moderate Buy" and a consensus price target of $46.69.

Figure Technology Solutions Trading Down 2.3%

Insider Activity at Figure Technology Solutions

In other news, Director Adam Gilbert Boyden sold 468,860 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $25.00, for a total value of $11,721,500.00. Following the completion of the sale, the director directly owned 6,651,158 shares of the company's stock, valued at $166,278,950. This trade represents a 6.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Benjamin Tannenbaum sold 297,171 shares of the firm's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $25.00, for a total value of $7,429,275.00. Following the completion of the sale, the chief executive officer directly owned 4,092,576 shares of the company's stock, valued at approximately $102,314,400. This trade represents a 6.77% decrease in their position. The disclosure for this sale can be found here.

Institutional Trading of Figure Technology Solutions

An institutional investor recently bought a new position in Figure Technology Solutions stock. Voya Investment Management LLC purchased a new stake in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) in the third quarter, according to its most recent filing with the SEC. The firm purchased 19,814 shares of the company's stock, valued at approximately $721,000.

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.

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