Feynman Point Asset Management LLC Buys New Stake in Figure Technology Solutions, Inc. $FIGR

Key Points

• Feynman Point Asset Management initiated a 84,400-share position in Figure Technology Solutions worth approximately $2.9 million, making FIGR its fourth-largest holding at 3.5% of assets.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $50.25, despite several recent target-price reductions.
• FIGR opened at $27.55, well below its 12-month high of $78.00. The company slightly beat quarterly earnings expectations, reporting $0.18 per share versus the $0.17 consensus estimate on $166.84 million in revenue, while insiders sold about $5.9 million of stock during the last quarter.

Feynman Point Asset Management LLC purchased a new stake in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 84,400 shares of the company's stock, valued at approximately $2,865,000. Figure Technology Solutions accounts for 3.5% of Feynman Point Asset Management LLC's holdings, making the stock its 4th biggest position.

A number of other large investors have also modified their holdings of the company. WPG Advisers LLC grew its position in shares of Figure Technology Solutions by 71.1% during the 1st quarter. WPG Advisers LLC now owns 934 shares of the company's stock valued at $32,000 after acquiring an additional 388 shares during the period. State of Wyoming raised 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 purchasing an additional 498 shares during the period. Arcus Capital Partners LLC boosted its position in Figure Technology Solutions by 7.9% during the first quarter. Arcus Capital Partners LLC now owns 7,400 shares of the company's stock worth $251,000 after purchasing an additional 541 shares in the last quarter. Global Retirement Partners LLC purchased a new position in Figure Technology Solutions during the fourth quarter worth approximately $25,000. Finally, Wells Fargo & Company MN grew its holdings in 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 purchasing an additional 616 shares during the period.

Analysts Set New Price Targets

FIGR has been the subject of a number of recent analyst reports. Bank of America reduced their target price on Figure Technology Solutions from $34.00 to $31.00 in a research note on Thursday, April 2nd. Needham & Company LLC reissued a "buy" rating and issued a $55.00 price target on shares of Figure Technology Solutions in a research note on Wednesday, July 8th. Keefe, Bruyette & Woods cut their price target on shares of Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating for the company in a report on Monday, July 13th. Mizuho upped 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 report on Thursday, May 14th. Finally, Zacks Research raised shares of Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $50.25.

Figure Technology Solutions Price Performance

NASDAQ:FIGR opened at $27.55 on Wednesday. Figure Technology Solutions, Inc. has a 12 month low of $25.01 and a 12 month high of $78.00. The stock has a 50 day moving average of $30.61 and a two-hundred day moving average of $36.93. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.20. The firm has a market cap of $5.03 billion and a P/E ratio of 47.50.

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

Insider Transactions at Figure Technology Solutions

In other news, Director June Ou sold 35,190 shares of the company's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $38.20, for a total transaction of $1,344,258.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 9,117 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $30.06, for a total transaction of $274,057.02. Following the completion of the sale, the chief financial officer owned 507,651 shares of the company's stock, valued at $15,259,989.06. This trade represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 155,463 shares of company stock worth $5,926,353 in the last quarter. 26.60% of the stock is owned by insiders.

Figure Technology Solutions 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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