Figure Technology Solutions (NASDAQ:FIGR) Trading 7.4% Higher on Better-Than-Expected Earnings

Key Points

• Figure Technology Solutions shares rose 7.4% after the company reported quarterly EPS of $0.35, surpassing the $0.24 analyst consensus, on revenue of $218.45 million. Trading volume was 36% above average.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $50.62, despite several target-price reductions.
• Insiders sold 38,019 shares worth approximately $1.24 million during the last quarter, while institutional investors including Duquesne Family Office and Fred Alger Management established sizable new positions.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report)'s stock price was up 7.4% on Thursday following a better than expected earnings announcement. The company traded as high as $33.78 and last traded at $32.9590. 6,215,805 shares were traded during mid-day trading, an increase of 36% from the average daily volume of 4,562,794 shares. The stock had previously closed at $30.68.

The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The firm had revenue of $218.45 million during the quarter.

Analysts Set New Price Targets

FIGR has been the topic of several research analyst reports. Sanford C. Bernstein upped their target price on Figure Technology Solutions from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Mizuho boosted their price target on Figure Technology Solutions from $45.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, May 14th. Piper Sandler cut their price target on Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Needham & Company LLC reaffirmed a "buy" rating and set a $55.00 price objective on shares of Figure Technology Solutions in a research report on Wednesday, July 8th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has issued 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 $50.62.

Insiders Place Their Bets

In other Figure Technology Solutions news, CEO Michael Benjamin Tannenbaum sold 14,871 shares of Figure Technology Solutions stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $37.27, for a total transaction of $554,242.17. Following the completion of the transaction, the chief executive officer owned 3,193,641 shares in the company, valued at approximately $119,027,000.07. The trade was a 0.46% decrease in their position. The transaction was disclosed in a document filed 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. Also, CFO Minchung Kgil sold 9,117 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $30.06, for a total transaction of $274,057.02. Following the completion of the sale, the chief financial officer directly owned 507,651 shares in the company, valued at approximately $15,259,989.06. The trade was a 1.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 38,019 shares of company stock worth $1,244,676. 26.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Duquesne Family Office LLC purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $76,989,000. Fred Alger Management LLC bought a new stake in Figure Technology Solutions during the fourth quarter valued at approximately $67,386,000. Pantera Capital Partners LP purchased a new position in Figure Technology Solutions in the 3rd quarter worth approximately $56,114,000. Balyasny Asset Management L.P. purchased a new position in Figure Technology Solutions in the third quarter worth $36,087,000. Finally, Alliancebernstein L.P. bought a new position in Figure Technology Solutions in the third quarter valued at $34,626,000.

Figure Technology Solutions Stock Up 8.2%

The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.20. The stock has a 50-day simple moving average of $29.19 and a two-hundred day simple moving average of $34.15. The firm has a market cap of $6.06 billion and a PE ratio of 57.13.

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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