Handelsbanken Fonder AB Buys New Stake in Figure Technology Solutions, Inc. $FIGR

Key Points

• Handelsbanken Fonder AB acquired 44,600 shares of Figure Technology Solutions during the second quarter, valued at approximately $1.37 million. Several other investment firms also recently initiated or increased positions.
• Figure reported quarterly earnings of $0.35 per share, beating the $0.24 analyst consensus, on revenue of $218.45 million. The stock opened at $35.52, with a market capitalization of about $6.49 billion.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $50.62, while insiders sold 72,767 shares worth approximately $2.23 million over the past 90 days.

Handelsbanken Fonder AB acquired a new stake in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 44,600 shares of the company's stock, valued at approximately $1,370,000.

Other hedge funds also recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new position in shares of Figure Technology Solutions in the 4th quarter worth approximately $25,000. WPG Advisers LLC increased its stake in shares of Figure Technology Solutions by 71.1% during the first 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. Strs Ohio bought a new stake in Figure Technology Solutions in the fourth quarter worth about $34,000. MetLife Investment Management LLC bought a new position in shares of Figure Technology Solutions in the fourth quarter valued at $35,000. Finally, Johnson Financial Group Inc. purchased a new stake in Figure Technology Solutions during the fourth quarter valued at about $41,000.

Figure Technology Solutions Stock Down 0.7%

NASDAQ:FIGR opened at $35.52 on Wednesday. The firm has a market capitalization of $6.49 billion and a P/E ratio of 38.19. Figure Technology Solutions, Inc. has a 12-month low of $24.11 and a 12-month high of $78.00. The stock's fifty day simple moving average is $29.56 and its 200-day simple moving average is $33.29. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.20.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. Figure Technology Solutions had a return on equity of 19.58% and a net margin of 33.45%.The company had revenue of $218.45 million during the quarter. Equities research analysts expect that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current year.

Insider Activity

In other Figure Technology Solutions news, insider David Todd Stevens sold 47,650 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $31.38, for a total value of $1,495,257.00. Following the completion of the sale, the insider directly owned 376,599 shares in the company, valued at $11,817,676.62. This represents a 11.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $30.03, for a total value of $120,120.00. Following the sale, the chief financial officer directly owned 491,651 shares of the company's stock, valued at approximately $14,764,279.53. The trade was a 0.81% 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. Insiders sold 72,767 shares of company stock valued at $2,232,634 over the last 90 days. Corporate insiders own 26.60% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on FIGR shares. Needham & Company LLC reaffirmed a "buy" rating and set a $55.00 target price on shares of Figure Technology Solutions in a research note on Friday, August 14th. Keefe, Bruyette & Woods lowered their target price on shares of Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating on the stock in a research report on Monday, July 13th. Piper Sandler dropped their price target on shares of Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. Sanford C. Bernstein lifted their price target on Figure Technology Solutions from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Finally, Wall Street Zen upgraded Figure Technology Solutions from a "sell" rating to a "hold" rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.62.

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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