1,649,993 Shares in Figure Technology Solutions, Inc. $FIGR Acquired by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC opened a new position in Figure Technology Solutions, buying 1,649,993 shares worth about $67.4 million and ending the quarter with 0.94% of the company.
• Several other institutional investors also added to or initiated positions, while insiders have been selling shares; over the last 90 days, insiders sold 511,928 shares worth nearly $18.0 million.
• Analysts are mixed but generally constructive on FIGR, with a consensus Moderate Buy rating and an average price target of $53.63 versus a recent share price of $29.65.

Fred Alger Management LLC purchased a new position in Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,649,993 shares of the company's stock, valued at approximately $67,386,000. Fred Alger Management LLC owned 0.94% of Figure Technology Solutions at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Orland Properties Ltd acquired a new position in Figure Technology Solutions in the 3rd quarter worth approximately $319,187,000. Vanguard Group Inc. increased its holdings in Figure Technology Solutions by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company's stock worth $121,493,000 after buying an additional 452,136 shares during the period. Duquesne Family Office LLC acquired a new position in Figure Technology Solutions in the 3rd quarter worth approximately $76,989,000. Pantera Capital Partners LP acquired a new position in Figure Technology Solutions in the 3rd quarter worth approximately $56,114,000. Finally, Capital World Investors increased its holdings in Figure Technology Solutions by 4.2% in the 4th quarter. Capital World Investors now owns 1,458,424 shares of the company's stock worth $59,562,000 after buying an additional 58,424 shares during the period.

Insider Buying and Selling at Figure Technology Solutions

In other news, Director June Ou sold 35,190 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $38.20, for a total transaction of $1,344,258.00. The sale was disclosed in a document filed with the SEC, which is available at 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 the 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 owned 3,193,641 shares in the company, valued at $115,066,885.23. This trade represents 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. Over the last ninety days, insiders have sold 511,928 shares of company stock worth $17,997,776. 26.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Zacks Research upgraded shares of Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 14th. Weiss Ratings upgraded shares of Figure Technology Solutions from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, June 4th. Mizuho raised their price objective on shares of Figure Technology Solutions from $45.00 to $55.00 and gave the stock an "outperform" rating in a research note on Thursday, May 14th. Sanford C. Bernstein dropped their price objective on shares of Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating on the stock in a research note on Monday, March 30th. Finally, The Goldman Sachs Group dropped their price objective on shares of Figure Technology Solutions from $49.00 to $44.00 and set a "buy" rating on the stock in a research note on Monday, March 2nd. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $53.63.

Figure Technology Solutions Price Performance

Shares of NASDAQ FIGR opened at $29.65 on Wednesday. The stock has a market capitalization of $5.41 billion and a price-to-earnings ratio of 51.12. Figure Technology Solutions, Inc. has a 12 month low of $25.01 and a 12 month high of $78.00. The firm's 50 day simple moving average is $34.30 and its 200-day simple moving average is $39.44. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.90 and a quick ratio of 1.90.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.01. The firm had revenue of $166.84 million for the quarter. Analysts expect that Figure Technology Solutions, Inc. will post 0.94 EPS for the current 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 buy up to 3.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

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.

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