Figure Technology Solutions (NASDAQ:FIGR) Trading Down 7.5% - Time to Sell?

Key Points

• Shares fell 7.5% to about $31.80 on Wednesday with volume of ~354,518 shares, a roughly 93% drop from its average daily volume of 5.2 million.
• Analysts are mixed — MarketBeat shows an average rating of "Moderate Buy" with an average target of $53.75, but several firms have recently cut price targets and some have downgraded the stock.
• The company missed EPS ( $0.06 vs. $0.13 expected) while revenue rose 90.7% year-over-year, and management authorized a $200 million share buyback even as insiders sold shares totaling millions over the past three months.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) was down 7.5% on Wednesday . The company traded as low as $31.82 and last traded at $31.7990. Approximately 354,518 shares were traded during trading, a decline of 93% from the average daily volume of 5,198,589 shares. The stock had previously closed at $34.36.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Weiss Ratings lowered shares of Figure Technology Solutions from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday. Sanford C. Bernstein cut their price target on shares of Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating on the stock in a report on Monday, March 30th. Mizuho cut their price target on shares of Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating on the stock in a report on Thursday, March 26th. Bank of America lowered shares of Figure Technology Solutions from a "neutral" rating to an "underperform" rating and set a $42.00 price target on the stock. in a report on Tuesday, February 3rd. Finally, Needham & Company LLC cut their price target on shares of Figure Technology Solutions from $71.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, February 27th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $53.75.

Figure Technology Solutions Trading Down 1.7%

The business's fifty day moving average price is $33.28 and its 200 day moving average price is $40.54. The company has a market cap of $6.14 billion and a price-to-earnings ratio of 84.34. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.20.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.07). The company had revenue of $157.63 million for the quarter, compared to analyst estimates of $158.00 million. The firm's quarterly revenue was up 90.7% on a year-over-year basis. Research analysts anticipate that Figure Technology Solutions, Inc. will post 0.93 earnings per share for the current fiscal year.

Figure Technology Solutions declared that its Board of Directors has authorized a share repurchase program on Thursday, February 26th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to buy up to 3.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Figure Technology Solutions

In related news, Director Sachin Chand Jaitly sold 216,713 shares of Figure Technology Solutions stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total transaction of $7,290,225.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Minchung Kgil sold 8,000 shares of Figure Technology Solutions stock in a transaction on Friday, April 24th. The stock was sold at an average price of $32.25, for a total transaction of $258,000.00. Following the transaction, the chief financial officer directly owned 548,098 shares of the company's stock, valued at $17,676,160.50. This represents a 1.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 436,158 shares of company stock valued at $14,748,279 over the last three months.

Hedge Funds Weigh In On Figure Technology Solutions

A number of hedge funds have recently bought and sold shares of FIGR. Global Retirement Partners LLC acquired a new position in shares of Figure Technology Solutions during the fourth quarter valued at about $25,000. Strs Ohio acquired a new position in shares of Figure Technology Solutions during the fourth quarter valued at about $34,000. MetLife Investment Management LLC acquired a new position in shares of Figure Technology Solutions during the fourth quarter valued at about $35,000. Flagship Harbor Advisors LLC acquired a new position in shares of Figure Technology Solutions during the fourth quarter valued at about $40,000. Finally, Johnson Financial Group Inc. acquired a new position in shares of Figure Technology Solutions during the fourth quarter valued at about $41,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.