Figure Technology Solutions (NASDAQ:FIGR) Trading Down 9.2% - What's Next?

Key Points

• FIGR fell about 9.2% intraday to $32.39 (low $32.65) from a prior close of $35.67, trading ~727,657 shares — down about 86% versus average volume.
• The company missed quarterly EPS ($0.06 vs. $0.13 expected) while revenue was $157.63M (up 90.7% YoY), and the Board authorized a $200 million share repurchase (~3.3% of shares).
• Analyst views are mixed but the consensus is a Moderate Buy with an average price target of $53.75, spanning ratings from Strong Buy to Sell.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report)'s share price fell 9.2% during mid-day trading on Thursday . The company traded as low as $32.65 and last traded at $32.39. Approximately 727,657 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 5,325,819 shares. The stock had previously closed at $35.67.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FIGR. Texas Capital upgraded Figure Technology Solutions to a "strong-buy" rating in a research report on Thursday, January 29th. Bank of America downgraded Figure Technology Solutions from a "neutral" rating to an "underperform" rating and set a $42.00 price target for the company. in a research report on Tuesday, February 3rd. 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. Needham & Company LLC dropped their price target on Figure Technology Solutions from $71.00 to $55.00 and set a "buy" rating for the company in a research report on Friday, February 27th. Finally, Sanford C. Bernstein decreased their price objective on Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating on the stock in a report on Monday, March 30th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $53.75.

Figure Technology Solutions Stock Down 10.3%

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.20. The stock has a market capitalization of $5.68 billion and a PE ratio of 79.70. The company has a 50 day moving average price of $33.48 and a 200-day moving average price of $40.93.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.07). The company had revenue of $157.63 million during the quarter, compared to the consensus estimate of $158.00 million. The business's revenue for the quarter was up 90.7% compared to the same quarter last year. As a group, analysts forecast 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 initiated a share repurchase plan on Thursday, February 26th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at Figure Technology Solutions

In related news, Director June Ou sold 67,840 shares of the company's stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $35.19, for a total transaction of $2,387,289.60. The transaction was disclosed in a legal 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. Also, Director Sachin Chand Jaitly sold 216,713 shares of the company's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total value of $7,290,225.32. The SEC filing for this sale provides additional information. Insiders have sold a total of 428,158 shares of company stock worth $14,490,279 in the last three months.

Institutional Trading of Figure Technology Solutions

A number of hedge funds and other institutional investors have recently modified their holdings of FIGR. Global Retirement Partners LLC purchased a new stake in shares of Figure Technology Solutions during the fourth quarter worth about $25,000. Strs Ohio purchased a new stake in shares of Figure Technology Solutions during the fourth quarter worth about $34,000. MetLife Investment Management LLC purchased a new stake in shares of Figure Technology Solutions during the fourth quarter worth about $35,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Figure Technology Solutions during the fourth quarter worth about $40,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Figure Technology Solutions during the fourth quarter worth about $41,000.

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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