Figure Technology Solutions (NASDAQ:FIGR) Trading Down 5.1% After Insider Selling

Key Points

• Figure Technology Solutions' stock price fell 5.1% after insider selling, with CEO Michael Tannenbaum and Director Adam Boyden selling significant shares.
• CEO Tannenbaum sold 297,171 shares for approximately $7.43 million, while Director Boyden sold 468,860 shares for around $11.72 million.
• Wall Street Zen upgraded Figure Technology Solutions to a "hold" rating, indicating a more favorable outlook despite recent trading declines.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report)'s share price was down 5.1% on Tuesday after an insider sold shares in the company. The company traded as low as $40.30 and last traded at $40.91. Approximately 726,025 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 7,389,095 shares. The stock had previously closed at $43.09.

Specifically, CEO Michael Benjamin Tannenbaum sold 297,171 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $25.00, for a total transaction of $7,429,275.00. Following the completion of the transaction, the chief executive officer owned 4,092,576 shares in the company, valued at approximately $102,314,400. The trade was a 6.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Adam Gilbert Boyden sold 468,860 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $25.00, for a total transaction of $11,721,500.00. Following the completion of the transaction, 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 disclosure for this sale can be found here.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Figure Technology Solutions to a "hold" rating in a report on Monday.

Figure Technology Solutions Trading Down 6.1%

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.