Figure Technology Solutions, Inc. $FIGR Shares Purchased by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its stake in Figure Technology Solutions by 69.7% in Q4 to 67,893 shares, valued at about $2.77 million.
• Insiders have been net sellers, disposing of 620,352 shares worth $20.8 million in the past 90 days (notably Sachin Chand Jaitly sold 216,713 shares for $7.29 million), though insiders still own 26.6% of the company.
• Figure authorized a $200 million stock repurchase (up to 3.3% of shares) and reported a Q4 earnings miss (EPS $0.06 vs. $0.13 expected) while revenue increased 90.7% year‑over‑year.

Pictet Asset Management Holding SA boosted its holdings in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) by 69.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 67,893 shares of the company's stock after purchasing an additional 27,893 shares during the period. Pictet Asset Management Holding SA's holdings in Figure Technology Solutions were worth $2,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in FIGR. Flagship Harbor Advisors LLC acquired a new stake in Figure Technology Solutions during the 4th quarter worth about $40,000. SBI Securities Co. Ltd. acquired a new position in shares of Figure Technology Solutions in the 3rd quarter valued at about $66,000. PNC Financial Services Group Inc. purchased a new stake in shares of Figure Technology Solutions in the third quarter worth about $73,000. NBC Securities Inc. purchased a new stake in shares of Figure Technology Solutions in the fourth quarter worth about $92,000. Finally, BNP Paribas Financial Markets acquired a new stake in Figure Technology Solutions during the third quarter worth about $102,000.

Insider Activity

In other Figure Technology Solutions news, Director Sachin Chand Jaitly sold 216,713 shares of the company's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total transaction of $7,290,225.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David Todd Stevens sold 49,708 shares of the stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the transaction, the insider directly owned 436,089 shares in the company, valued at approximately $13,963,569.78. The trade was a 10.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 620,352 shares of company stock worth $20,812,730. Insiders own 26.60% of the company's stock.

Figure Technology Solutions Stock Performance

NASDAQ FIGR opened at $36.45 on Monday. The stock has a market capitalization of $6.62 billion and a price-to-earnings ratio of 91.13. Figure Technology Solutions, Inc. has a twelve month low of $25.01 and a twelve month high of $78.00. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average of $33.28 and a 200 day moving average of $40.40.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.07). The business had revenue of $157.63 million during the quarter, compared to the consensus estimate of $158.00 million. The company's revenue for the quarter was up 90.7% compared to the same quarter last year. Sell-side analysts anticipate that Figure Technology Solutions, Inc. will post 0.93 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

FIGR has been the subject of several recent research reports. Zacks Research raised Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 14th. Piper Sandler raised their price objective on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 14th. The Goldman Sachs Group cut their target price on shares of Figure Technology Solutions from $49.00 to $44.00 and set a "buy" rating for the company in a report on Monday, March 2nd. Sanford C. Bernstein decreased their target price on shares of Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating for the company in a research note on Monday, March 30th. Finally, Needham & Company LLC dropped their price target on shares of Figure Technology Solutions from $71.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, February 27th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Figure Technology Solutions has a consensus rating of "Moderate Buy" and an average price target of $53.75.

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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