Engineers Gate Manager LP Buys New Stake in Figure Technology Solutions, Inc. $FIGR

Key Points

• Engineers Gate Manager LP acquired 110,656 shares of Figure Technology Solutions in the second quarter, worth approximately $3.4 million. Several other institutional investors also initiated or increased positions, including California State Teachers Retirement System, which raised its holdings to 1.19 million shares.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $52.88, despite some recent target reductions. Ratings include two Strong Buys, six Buys, two Holds and one Sell.
• Figure Technology Solutions reported quarterly EPS of $0.35, exceeding the $0.24 consensus estimate, on $218.45 million in revenue. The stock opened at $34.87, while insiders have sold 71,650 shares worth $2.27 million over the past three months.

Engineers Gate Manager LP purchased a new position in Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 110,656 shares of the company's stock, valued at approximately $3,398,000. Engineers Gate Manager LP owned about 0.06% of Figure Technology Solutions at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new stake in shares of Figure Technology Solutions in the 2nd quarter worth $47,000. Arizona State Retirement System purchased a new position in Figure Technology Solutions during the 2nd quarter worth $278,000. Waverly Advisors LLC increased its position in Figure Technology Solutions by 78.1% during the 2nd quarter. Waverly Advisors LLC now owns 53,089 shares of the company's stock valued at $1,630,000 after buying an additional 23,277 shares in the last quarter. Corient Private Wealth LP increased its position in Figure Technology Solutions by 22.1% during the 2nd quarter. Corient Private Wealth LP now owns 80,728 shares of the company's stock valued at $2,479,000 after buying an additional 14,607 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in Figure Technology Solutions by 62,565.2% in the second quarter. California State Teachers Retirement System now owns 1,190,013 shares of the company's stock valued at $38,750,000 after buying an additional 1,188,114 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FIGR shares. Keefe, Bruyette & Woods dropped their price target on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating on the stock in a research note on Monday, July 13th. Wall Street Zen upgraded shares of Figure Technology Solutions from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Sanford C. Bernstein upped their price target on shares of Figure Technology Solutions from $67.00 to $70.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $55.00 price target on shares of Figure Technology Solutions in a report on Thursday, August 20th. Finally, Piper Sandler dropped their price objective on shares of Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $52.88.

Insider Buying and Selling at Figure Technology Solutions

In related news, CFO Minchung Kgil sold 8,000 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $38.69, for a total transaction of $309,520.00. Following the completion of the transaction, the chief financial officer directly owned 483,651 shares in the company, valued at $18,712,457.19. The trade was a 1.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the company's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the completion of the sale, the insider directly owned 376,599 shares in the company, valued at approximately $11,817,676.62. The trade was a 11.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 71,650 shares of company stock valued at $2,268,097. 26.60% of the stock is currently owned by corporate insiders.

Figure Technology Solutions Price Performance

Shares of NASDAQ:FIGR opened at $34.87 on Monday. Figure Technology Solutions, Inc. has a twelve month low of $24.11 and a twelve month high of $78.00. The company's 50 day moving average is $32.34 and its 200 day moving average is $32.86. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.22. The company has a market cap of $6.47 billion and a PE ratio of 37.50.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. The business had revenue of $218.45 million during the quarter. Figure Technology Solutions had a net margin of 33.45% and a return on equity of 18.90%. On average, sell-side analysts forecast that Figure Technology Solutions, Inc. will post 1.2 EPS for the current year.

Figure Technology Solutions Profile

Figure Technology Solutions, Inc is a financial technology company that develops and operates digital platforms for lending and other financial services. Its technology is designed to streamline the origination, underwriting, servicing and funding of loans through automated processes and data-driven tools.

The company's offerings have included home equity financing, personal loans and related lending products, delivered directly to consumers and through institutional or other financial-services partners.

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