Hiddenite Capital Partners LP Buys 505,000 Shares of Figure Technology Solutions, Inc. $FIGR

Key Points

• Hiddenite Capital Partners bought 505,000 shares of Figure Technology Solutions valued at approximately $14.6 million, representing about 0.27% of FIGR and 2.6% of the fund’s portfolio.
• Institutional interest increased, with several other funds initiating or expanding positions during the third quarter, while company insiders sold 59,650 shares worth about $1.9 million over the past 90 days.
• Analysts maintain a consensus “Buy” rating with a $53.57 price target, although FIGR opened at $21.79—near its one-year low of $20.92 and well below its $78.00 high.

Hiddenite Capital Partners LP purchased a new stake in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 505,000 shares of the company's stock, valued at approximately $14,569,000. Figure Technology Solutions makes up 2.6% of Hiddenite Capital Partners LP's investment portfolio, making the stock its 11th largest position. Hiddenite Capital Partners LP owned approximately 0.27% of Figure Technology Solutions at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FIGR. Wildcat Capital Management LLC acquired a new stake in shares of Figure Technology Solutions during the third quarter valued at about $845,000. Brooklands Fund Management Ltd purchased a new stake in shares of Figure Technology Solutions during the third quarter worth about $24,600,000. D.A. Davidson & CO. increased its position in shares of Figure Technology Solutions by 17.6% during the third quarter. D.A. Davidson & CO. now owns 21,391 shares of the company's stock worth $617,000 after acquiring an additional 3,204 shares during the last quarter. WPG Advisers LLC lifted its stake in shares of Figure Technology Solutions by 98.5% in the third quarter. WPG Advisers LLC now owns 1,640 shares of the company's stock worth $47,000 after acquiring an additional 814 shares in the last quarter. Finally, VestGen Advisors LLC acquired a new position in shares of Figure Technology Solutions in the third quarter worth about $252,000.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FIGR. Keefe, Bruyette & Woods lowered their price objective on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating for the company in a research note on Monday, July 13th. Wall Street Zen raised Figure Technology Solutions from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. The Goldman Sachs Group set a $41.00 target price on Figure Technology Solutions in a research report on Wednesday, October 7th. Bank of America reiterated a "neutral" rating and set a $44.00 target price on shares of Figure Technology Solutions in a research note on Monday, October 5th. Finally, Freedom Broker raised shares of Figure Technology Solutions to a "strong-buy" rating in a research report on Thursday, October 15th. Four investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $53.57.

Figure Technology Solutions Stock Performance

Shares of Figure Technology Solutions stock opened at $21.79 on Tuesday. The firm has a market cap of $4.05 billion and a PE ratio of 23.43. The firm's 50-day simple moving average is $30.72 and its 200-day simple moving average is $34.33. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.86 and a current ratio of 1.86. Figure Technology Solutions, Inc. has a 1 year low of $20.92 and a 1 year high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. The business had revenue of $218.45 million during the quarter. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%. Equities analysts forecast that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current fiscal year.

Insider Activity at Figure Technology Solutions

In other Figure Technology Solutions news, CFO Minchung Kgil sold 8,000 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $38.69, for a total transaction of $309,520.00. Following the transaction, the chief financial officer owned 483,651 shares of the company's stock, valued at $18,712,457.19. This trade represents a 1.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 376,599 shares in the company, valued at approximately $11,817,676.62. This represents a 11.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 59,650 shares of company stock worth $1,924,897 in the last 90 days. 26.60% of the stock is currently owned by insiders.

Figure Technology Solutions Company Profile

Figure Technology Solutions, Inc is a financial technology company that develops technology-enabled lending and financial services products. The company uses artificial intelligence, blockchain and data-driven underwriting tools to streamline the origination, servicing and management of loans and other financial transactions.

Figure's platform has supported products including home equity lines of credit, mortgage-related lending and personal loans. Its technology is designed to automate traditionally paper-intensive processes, improve transaction speed and provide digital tools for borrowers, lenders and other financial institutions.

Founded in 2018, Figure is headquartered in the United States and primarily serves the U.S.

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