Mithril II GP LP Acquires Shares of 862,065 Figure Technology Solutions, Inc. $FIGR

Key Points

• Mithril II GP LP bought 862,065 shares of FIGR (~$31.35M) in Q3, making Figure Technology its largest position (about 48.6% of Mithril’s holdings) and representing roughly 0.41% ownership of the company.
• Figure authorized a $200 million share repurchase (up to 3.3% of shares) and reported Q4 results that missed EPS estimates ($0.06 vs. $0.13) while revenue rose about 90.7% year-over-year.
• Conflicting signals from insiders and analysts: insiders sold 426,173 shares (~$16.6M) in the last 90 days, while analysts’ opinions are mixed with a consensus "Moderate Buy" and a $55.75 average price target.

Mithril II GP LP bought a new position in Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 862,065 shares of the company's stock, valued at approximately $31,353,000. Figure Technology Solutions makes up about 48.6% of Mithril II GP LP's holdings, making the stock its largest position. Mithril II GP LP owned about 0.41% of Figure Technology Solutions as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FIGR. Voya Investment Management LLC bought a new position in Figure Technology Solutions in the 3rd quarter valued at approximately $721,000. Exchange Traded Concepts LLC bought a new position in shares of Figure Technology Solutions during the third quarter valued at $5,963,000. Blue Trust Inc. purchased a new stake in shares of Figure Technology Solutions during the third quarter valued at $64,000. Hennessy Advisors Inc. bought a new stake in Figure Technology Solutions in the 3rd quarter worth about $255,000. Finally, CWA Asset Management Group LLC purchased a new position in Figure Technology Solutions in the 3rd quarter worth about $1,412,000.

Figure Technology Solutions Price Performance

Shares of FIGR stock opened at $31.46 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.26 and a current ratio of 2.26. The company has a market cap of $5.54 billion and a P/E ratio of 78.65. Figure Technology Solutions, Inc. has a 1 year low of $25.01 and a 1 year high of $78.00. The company's fifty day simple moving average is $46.80.

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

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

Insider Activity at Figure Technology Solutions

In other news, Director June Ou sold 200,058 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total value of $7,882,285.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David Todd Stevens sold 26,057 shares of the firm's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $32.00, for a total transaction of $833,824.00. Following the sale, the insider owned 462,943 shares in the company, valued at $14,814,176. The trade was a 5.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 426,173 shares of company stock worth $16,598,394.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. 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 report on Friday, February 27th. Mizuho boosted their target price on shares of Figure Technology Solutions from $47.00 to $56.00 and gave the company an "outperform" rating in a research note on Monday, November 17th. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, February 19th. Bank of America cut Figure Technology Solutions from a "neutral" rating to an "underperform" rating and set a $42.00 price objective for the company. in a research report on Tuesday, February 3rd. Finally, Weiss Ratings cut Figure Technology Solutions from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $55.75.

Figure Technology Solutions Company 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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