Norges Bank Purchases New Stake in Figure Technology Solutions, Inc. $FIGR

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Figure Technology Solutions, buying 800,000 shares valued at about $32.7 million, or 0.45% of the company.
• Figure Technology Solutions beat earnings estimates in its latest quarterly report, posting $0.18 EPS versus the expected $0.17 on revenue of $166.84 million.
• The company’s board authorized a $200 million share repurchase program, while analysts currently rate the stock a Moderate Buy with a consensus price target of $53.63.

Norges Bank purchased a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 800,000 shares of the company's stock, valued at approximately $32,672,000. Norges Bank owned 0.45% of Figure Technology Solutions as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Orland Properties Ltd purchased a new position in Figure Technology Solutions in the third quarter valued at approximately $319,187,000. Vanguard Group Inc. raised its holdings in Figure Technology Solutions by 17.9% in the fourth quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company's stock valued at $121,493,000 after buying an additional 452,136 shares during the period. Duquesne Family Office LLC purchased a new position in Figure Technology Solutions in the third quarter valued at approximately $76,989,000. Pantera Capital Partners LP purchased a new position in Figure Technology Solutions in the third quarter valued at approximately $56,114,000. Finally, Capital World Investors purchased a new position in Figure Technology Solutions in the third quarter valued at approximately $50,918,000.

Figure Technology Solutions Stock Down 2.2%

FIGR stock opened at $27.86 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.20. The firm has a 50 day simple moving average of $34.83 and a 200-day simple moving average of $39.74. The company has a market capitalization of $5.09 billion and a P/E ratio of 48.03. Figure Technology Solutions, Inc. has a twelve month low of $25.01 and a twelve month high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.01. The company had revenue of $166.84 million during the quarter. On average, equities research analysts predict that Figure Technology Solutions, Inc. will post 0.94 earnings per share for the current fiscal year.

Figure Technology Solutions announced that its Board of Directors has initiated a share repurchase program on Thursday, February 26th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Sanford C. Bernstein cut their price target on shares of Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating on the stock in a report on Monday, March 30th. Needham & Company LLC restated a "buy" rating and issued a $55.00 price target on shares of Figure Technology Solutions in a report on Wednesday, May 13th. Zacks Research upgraded shares of Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 14th. 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 on the stock in a report on Monday, March 2nd. Finally, Mizuho lifted their price objective on shares of Figure Technology Solutions from $45.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.63.

Insiders Place Their Bets

In related news, insider David Todd Stevens sold 47,064 shares of Figure Technology Solutions stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $42.35, for a total value of $1,993,160.40. Following the completion of the sale, the insider owned 406,051 shares in the company, valued at approximately $17,196,259.85. The trade was a 10.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Scott Cagney sold 35,190 shares of Figure Technology Solutions stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $38.20, for a total transaction of $1,344,258.00. Following the completion of the sale, the director owned 35,190 shares of the company's stock, valued at approximately $1,344,258. This trade represents a 50.00% 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. In the last quarter, insiders have sold 511,928 shares of company stock valued at $17,997,776. 26.60% of the stock is owned by insiders.

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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