Figure Technology Solutions Target of Unusually High Options Trading (NASDAQ:FIGR)

Key Points

• Unusually high bearish options activity: Investors purchased 17,544 put options on Figure Technology Solutions, roughly 101% above the stock’s typical daily put volume.
• Insiders have continued selling shares: The CFO and CEO sold stock under pre-arranged Rule 10b5-1 plans, while insiders have sold 155,463 shares worth approximately $5.93 million over the past 90 days.
• Analysts remain generally positive despite the stock’s decline: FIGR traded at $28.87, well below its 12-month high of $78.00, but analysts maintain a “Moderate Buy” consensus with an average price target of $50.25.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) was the target of unusually large options trading on Wednesday. Investors purchased 17,544 put options on the stock. This represents an increase of approximately 101% compared to the typical daily volume of 8,720 put options.

Insider Transactions at Figure Technology Solutions

In other Figure Technology Solutions news, CFO Minchung Kgil sold 4,000 shares of Figure Technology Solutions stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $28.13, for a total transaction of $112,520.00. Following the completion of the transaction, the chief financial officer owned 495,651 shares in the company, valued at approximately $13,942,662.63. The trade was a 0.80% 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, CEO Michael Benjamin Tannenbaum sold 2,031 shares of Figure Technology Solutions stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $36.03, for a total value of $73,176.93. Following the transaction, the chief executive officer directly owned 3,193,641 shares in the company, valued at approximately $115,066,885.23. The trade was a 0.06% decrease in their position. 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 the last ninety days, insiders have sold 155,463 shares of company stock valued at $5,926,353. Company insiders own 26.60% of the company's stock.

Institutional Trading of Figure Technology Solutions

Hedge funds and other institutional investors have recently bought and sold shares of the stock. WPG Advisers LLC grew its holdings in shares of Figure Technology Solutions by 71.1% in the first quarter. WPG Advisers LLC now owns 934 shares of the company's stock worth $32,000 after purchasing an additional 388 shares during the last quarter. State of Wyoming grew its holdings in Figure Technology Solutions by 14.8% in the 1st quarter. State of Wyoming now owns 3,864 shares of the company's stock worth $131,000 after acquiring an additional 498 shares during the last quarter. Arcus Capital Partners LLC grew its holdings in Figure Technology Solutions by 7.9% in the 1st quarter. Arcus Capital Partners LLC now owns 7,400 shares of the company's stock worth $251,000 after acquiring an additional 541 shares during the last quarter. Global Retirement Partners LLC purchased a new position in shares of Figure Technology Solutions in the fourth quarter valued at about $25,000. Finally, Wells Fargo & Company MN increased its position in shares of Figure Technology Solutions by 3.5% in the fourth quarter. Wells Fargo & Company MN now owns 18,429 shares of the company's stock valued at $753,000 after acquiring an additional 616 shares during the period.

Figure Technology Solutions Price Performance

NASDAQ:FIGR traded up $1.23 during mid-day trading on Wednesday, hitting $28.87. 1,697,637 shares of the stock traded hands, compared to its average volume of 4,578,406. The business's 50-day moving average price is $29.74 and its 200 day moving average price is $35.87. 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 company has a market cap of $5.27 billion and a PE ratio of 49.78. Figure Technology Solutions has a 12-month low of $24.11 and a 12-month high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.01. The business had revenue of $166.84 million for the quarter. On average, analysts expect that Figure Technology Solutions will post 0.92 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FIGR. Weiss Ratings raised Figure Technology Solutions from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, June 4th. Piper Sandler cut their price objective on Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. Keefe, Bruyette & Woods reduced their price objective on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating for the company in a research note on Monday, July 13th. Mizuho raised their target price on Figure Technology Solutions from $45.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, May 14th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $55.00 target price on shares of Figure Technology Solutions in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Figure Technology Solutions presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.25.

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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