Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 10.2% on Insider Selling

Key Points

• Figure Technology Solutions shares fell 10.2% after insider selling, with the stock trading as low as $38.79 on volume below its daily average.
• Directors Michael Scott Cagney and June Ou each sold 35,190 shares at $38.20 under pre-arranged Rule 10b5-1 plans, while David Todd Stevens sold 47,064 shares at $42.35.
• Despite the drop, the company recently beat quarterly EPS estimates and still has a Moderate Buy analyst rating with an average price target of $53.63; it also has a $200 million share buyback authorization.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) dropped 10.2% on Monday following insider selling activity. The stock traded as low as $38.79 and last traded at $38.8570. Approximately 2,645,664 shares were traded during trading, a decline of 48% from the average daily volume of 5,118,475 shares. The stock had previously closed at $43.28.

Specifically, Director Michael Scott Cagney sold 35,190 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $38.20, for a total transaction of $1,344,258.00. Following the completion of the sale, the director owned 35,190 shares of the company's stock, valued at $1,344,258. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director June Ou sold 35,190 shares of the firm's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $38.20, for a total transaction of $1,344,258.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Figure Technology Solutions news, insider David Todd Stevens sold 47,064 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $42.35, for a total transaction of $1,993,160.40. Following the completion of the sale, the insider directly owned 406,051 shares of the company's stock, valued at approximately $17,196,259.85. This represents a 10.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FIGR shares. The Goldman Sachs Group dropped their price target on shares of Figure Technology Solutions from $49.00 to $44.00 and set a "buy" rating on the stock in a research note on Monday, March 2nd. Weiss Ratings cut Figure Technology Solutions from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, April 24th. Sanford C. Bernstein cut their price target 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. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, February 19th. Finally, Texas Capital raised Figure Technology Solutions to a "strong-buy" rating in a research note on Thursday, January 29th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $53.63.

Figure Technology Solutions Stock Down 10.9%

The stock has a market capitalization of $7.00 billion and a P/E ratio of 96.37. The company's 50-day moving average price is $34.97 and its 200 day moving average price is $40.35. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.20 and a current ratio of 2.20.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.18 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. As a group, equities analysts expect that Figure Technology Solutions, Inc. will post 0.94 earnings per share for the current year.

Figure Technology Solutions declared that its board has approved a stock repurchase plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Figure Technology Solutions

A number of hedge funds have recently made changes to their positions in the company. Orland Properties Ltd purchased a new position in Figure Technology Solutions during the 3rd quarter valued at approximately $319,187,000. J Digital 6 LLC raised its holdings in shares of Figure Technology Solutions by 9.1% during the 4th quarter. J Digital 6 LLC now owns 3,276,587 shares of the company's stock worth $133,816,000 after acquiring an additional 274,145 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Figure Technology Solutions by 17.9% during the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company's stock worth $121,493,000 after acquiring an additional 452,136 shares in the last quarter. Duquesne Family Office LLC bought a new position in shares of Figure Technology Solutions during the 3rd quarter valued at approximately $76,989,000. Finally, Fred Alger Management LLC purchased a new position in shares of Figure Technology Solutions in the fourth quarter valued at $67,386,000.

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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