Figure Technology Solutions (NASDAQ:FIGR) Shares Up 12.4% - Here's What Happened

Key Points

• Shares of Figure Technology Solutions jumped 12.4% on Monday to about $49.17 (intraday high $49.20) from a prior close of $43.74, with roughly 988,000 shares trading.
• Multiple analysts have raised price targets (including Goldman Sachs, Keefe Bruyette & Woods and Piper Sandler), leaving a MarketBeat consensus rating of Moderate Buy and a consensus price target of $50.38.
• The company reported a quarter-beating $0.34 EPS vs. a $0.16 estimate on $156.03 million of revenue, but insiders have been selling heavily—directors sold 500,000 shares each and insiders disposed of about 3.34 million shares (~$123.8M) in the past 90 days.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) shares traded up 12.4% on Monday . The company traded as high as $49.20 and last traded at $49.17. 987,947 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 1,026,483 shares. The stock had previously closed at $43.74.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Figure Technology Solutions from $42.00 to $48.00 and gave the company a "buy" rating in a research report on Tuesday, October 14th. Needham & Company LLC reissued a "buy" rating and set a $51.00 price target on shares of Figure Technology Solutions in a report on Monday, November 17th. Keefe, Bruyette & Woods boosted their price target on Figure Technology Solutions from $48.50 to $52.00 and gave the company an "outperform" rating in a research note on Tuesday, November 18th. Bank of America increased their price objective on Figure Technology Solutions from $41.00 to $47.00 and gave the stock a "neutral" rating in a research report on Monday, November 17th. Finally, Piper Sandler boosted their target price on shares of Figure Technology Solutions from $50.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, November 17th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Figure Technology Solutions currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.38.

Figure Technology Solutions Stock Up 19.0%

The firm's fifty day simple moving average is $39.37. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.17.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last released its quarterly earnings data on Thursday, November 13th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.18. The business had revenue of $156.03 million during the quarter.

Insider Activity at Figure Technology Solutions

In other Figure Technology Solutions news, Director June Ou sold 500,000 shares of the firm's stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $36.22, for a total value of $18,110,000.00. Following the sale, the director owned 6,378,993 shares in the company, valued at $231,047,126.46. This trade represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael Scott Cagney sold 500,000 shares of the company's stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $36.22, for a total transaction of $18,110,000.00. Following the transaction, the director owned 6,378,993 shares of the company's stock, valued at $231,047,126.46. This trade represents a 7.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,344,073 shares of company stock worth $123,816,526 in the last 90 days.

Institutional Trading of Figure Technology Solutions

A number of hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $15,529,000. Tudor Investment Corp ET AL bought a new position in shares of Figure Technology Solutions during the 3rd quarter worth about $8,005,000. Hudson Bay Capital Management LP bought a new stake in shares of Figure Technology Solutions during the third quarter valued at approximately $3,842,000. Lunate Capital Ltd bought a new stake in Figure Technology Solutions during the 3rd quarter valued at $24,732,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Figure Technology Solutions during the third quarter worth about $264,000.

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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