ACT Capital Management LLC Buys New Position in Figure Technology Solutions, Inc. $FIGR

Key Points

• ACT Capital Management opened a new position in Figure Technology Solutions, buying 57,500 shares valued at about $2.35 million, making FIGR its 15th-largest holding.
• Several other big investors also increased or initiated stakes, including Vanguard and J Digital 6, while insider selling has been notable: directors and executives sold shares worth $16.68 million over the last 90 days.
• Figure Technology Solutions is down 7.6% and traded at $27.40, even as the company beat quarterly EPS estimates and maintains a $200 million share buyback authorization; analysts currently rate the stock a Moderate Buy with a $53.63 average target.

ACT Capital Management LLC bought a new stake in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 57,500 shares of the company's stock, valued at approximately $2,348,000. Figure Technology Solutions accounts for 1.9% of ACT Capital Management LLC's portfolio, making the stock its 15th biggest position.

A number of other hedge funds also recently bought and sold shares of the stock. Orland Properties Ltd acquired a new stake in Figure Technology Solutions in the 3rd quarter valued at about $319,187,000. J Digital 6 LLC raised its position in shares of Figure Technology Solutions by 9.1% during the 4th quarter. J Digital 6 LLC now owns 3,276,587 shares of the company's stock worth $133,816,000 after acquiring an additional 274,145 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Figure Technology Solutions by 17.9% during the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company's stock worth $121,493,000 after acquiring an additional 452,136 shares in the last quarter. Duquesne Family Office LLC acquired a new stake in shares of Figure Technology Solutions during the 3rd quarter worth about $76,989,000. Finally, Fred Alger Management LLC acquired a new stake in shares of Figure Technology Solutions during the 4th quarter worth about $67,386,000.

Insider Transactions at Figure Technology Solutions

In other Figure Technology Solutions news, Director Michael Scott Cagney sold 35,190 shares of the business's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $38.20, for a total transaction of $1,344,258.00. Following the sale, the director directly owned 35,190 shares in the company, valued at approximately $1,344,258. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Benjamin Tannenbaum sold 2,031 shares of the business's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $36.03, for a total value of $73,176.93. Following the sale, the chief executive officer owned 3,193,641 shares in the company, valued at approximately $115,066,885.23. The trade was a 0.06% decrease in their ownership of the stock. 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 471,337 shares of company stock valued at $16,680,183. 26.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FIGR shares. Mizuho raised their target price on Figure Technology Solutions from $45.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, May 14th. Sanford C. Bernstein cut their target price on Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating on the stock in a research report on Monday, March 30th. Bank of America cut their target price on Figure Technology Solutions from $34.00 to $31.00 in a research report on Thursday, April 2nd. Zacks Research raised Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 14th. Finally, Keefe, Bruyette & Woods raised Figure Technology Solutions from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, February 19th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $53.63.

Figure Technology Solutions Trading Down 7.6%

Shares of FIGR stock opened at $27.40 on Thursday. The business's 50 day moving average is $34.20 and its two-hundred day moving average is $39.39. Figure Technology Solutions, Inc. has a twelve month low of $25.01 and a twelve month high of $78.00. The company has a market capitalization of $5.00 billion and a P/E ratio of 47.24. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.20.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.01. The business had revenue of $166.84 million during the quarter. Equities analysts forecast that Figure Technology Solutions, Inc. will post 0.94 EPS for the current year.

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