380,986 Shares in Figure Technology Solutions, Inc. $FIGR Bought by Artemis Investment Management LLP

Key Points

• Artemis Investment Management LLP bought a new stake of 380,986 shares in Figure Technology Solutions (NASDAQ:FIGR), valued at about $15,559,000, representing roughly 0.22% of the company.
• Figure's board authorized a $200 million share buyback program, allowing repurchases of up to 3.3% of outstanding stock, signaling the board believes the shares may be undervalued.
• Figure missed quarterly EPS estimates (reported $0.06 vs. $0.13 expected) despite revenue rising 90.7% year-over-year, and insiders have sold a total of 620,352 shares (about $20.8M) over the last 90 days.

Artemis Investment Management LLP purchased a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 380,986 shares of the company's stock, valued at approximately $15,559,000. Artemis Investment Management LLP owned about 0.22% of Figure Technology Solutions at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Flagship Harbor Advisors LLC bought a new position in shares of Figure Technology Solutions during the fourth quarter valued at about $40,000. Blue Trust Inc. bought a new stake in Figure Technology Solutions in the 3rd quarter worth about $64,000. SBI Securities Co. Ltd. bought a new stake in Figure Technology Solutions in the 3rd quarter worth about $66,000. PNC Financial Services Group Inc. purchased a new stake in Figure Technology Solutions in the 3rd quarter valued at about $73,000. Finally, NBC Securities Inc. bought a new position in shares of Figure Technology Solutions during the 4th quarter worth approximately $92,000.

Figure Technology Solutions Stock Performance

NASDAQ:FIGR opened at $36.45 on Friday. 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 business has a fifty day simple moving average of $33.28 and a two-hundred day simple moving average of $40.43. Figure Technology Solutions, Inc. has a 1 year low of $25.01 and a 1 year high of $78.00. The company has a market capitalization of $6.62 billion and a P/E ratio of 91.13.

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

Figure Technology Solutions announced that its board has authorized a share buyback program on Thursday, February 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 3.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Figure Technology Solutions

In other Figure Technology Solutions news, CEO Michael Benjamin Tannenbaum sold 56,825 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $31.97, for a total transaction of $1,816,695.25. Following the sale, the chief executive officer owned 3,193,641 shares in the company, valued at $102,100,702.77. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director June Ou sold 67,840 shares of the company's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total value of $2,387,289.60. 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. Over the last 90 days, insiders sold 620,352 shares of company stock valued at $20,812,730.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. The Goldman Sachs Group cut their target price on 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. Texas Capital upgraded Figure Technology Solutions to a "strong-buy" rating in a report on Thursday, January 29th. Mizuho cut their price objective on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating on the stock in a research report on Thursday, March 26th. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, February 19th. Finally, Piper Sandler raised their target price on Figure Technology Solutions from $55.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, January 14th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $53.75.

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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