JPMorgan Chase & Co. Buys New Position in Figure Technology Solutions, Inc. $FIGR

Key Points

• JPMorgan Chase & Co. bought a new position of 426,972 shares in Figure Technology Solutions (NASDAQ:FIGR) in Q3, valued at about $15.53 million and representing roughly 0.24% ownership.
• The company's board approved a $200 million share buyback on Feb. 26, authorizing repurchases of up to about 3.3% of outstanding shares, a sign the board may view the stock as undervalued.
• FIGR missed quarterly estimates with EPS of $0.06 vs. $0.13 expected and revenue of $157.63 million vs. $158.00 million expected, although revenue was up 90.7% year-over-year.

JPMorgan Chase & Co. bought a new position in Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 426,972 shares of the company's stock, valued at approximately $15,529,000. JPMorgan Chase & Co. owned approximately 0.24% of Figure Technology Solutions at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Blue Trust Inc. bought a new stake in shares of Figure Technology Solutions during the 3rd quarter worth $64,000. SBI Securities Co. Ltd. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $66,000. PNC Financial Services Group Inc. purchased a new position in Figure Technology Solutions in the third quarter valued at approximately $73,000. BNP Paribas Financial Markets purchased a new position in Figure Technology Solutions in the 3rd quarter valued at approximately $102,000. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Figure Technology Solutions during the third quarter valued at about $200,000.

Figure Technology Solutions Price Performance

Shares of NASDAQ FIGR opened at $31.94 on Friday. The company has a market capitalization of $5.67 billion and a PE ratio of 79.85. Figure Technology Solutions, Inc. has a one year low of $25.01 and a one year high of $78.00. The company's 50 day simple moving average is $41.79. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.20.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.07). The firm had revenue of $157.63 million for the quarter, compared to analysts' expectations of $158.00 million. Figure Technology Solutions's revenue for the quarter was up 90.7% compared to the same quarter last year.

Figure Technology Solutions declared that its Board of Directors has approved a share buyback program on Thursday, February 26th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

FIGR has been the topic of a number of research analyst reports. Bank of America lowered Figure Technology Solutions from a "neutral" rating to an "underperform" rating and set a $42.00 target price on the stock. in a research note on Tuesday, February 3rd. Keefe, Bruyette & Woods raised Figure Technology Solutions from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, February 19th. Mizuho decreased their price objective 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 Thursday. Weiss Ratings downgraded shares of Figure Technology Solutions from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, February 11th. Finally, The Goldman Sachs Group cut their price target on shares of Figure Technology Solutions from $49.00 to $44.00 and set a "buy" rating for the company in a research note on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.38.

Insiders Place Their Bets

In other Figure Technology Solutions news, Director Sachin Chand Jaitly sold 216,713 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total value of $7,290,225.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider David Todd Stevens sold 49,708 shares of the company's stock in a transaction dated 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 sale, the insider owned 436,089 shares of the company's stock, valued at approximately $13,963,569.78. The trade was a 10.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 292,478 shares of company stock worth $9,715,699.

About Figure Technology Solutions

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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