The Manufacturers Life Insurance Company Purchases 37,100 Shares of Figure Technology Solutions, Inc. $FIGR

Key Points

• The Manufacturers Life Insurance Company increased its FIGR stake by 660.5% in the first quarter, purchasing 37,100 additional shares for a total holding of 42,717 shares valued at approximately $1.45 million. Other major institutions, including Vanguard and UBS, also increased their positions.
• Analysts maintain a generally positive outlook, with Figure Technology Solutions receiving a consensus “Moderate Buy” rating and an average price target of $50.62. Individual targets range from $45 to $70.
• FIGR shares opened at $28.82, near the lower end of their 12-month range of $24.11 to $78.00. The company recently reported quarterly EPS of $0.18, slightly ahead of the $0.17 consensus estimate, on revenue of $166.84 million.

The Manufacturers Life Insurance Company increased its holdings in Figure Technology Solutions, Inc. (NASDAQ:FIGR - Free Report) by 660.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,717 shares of the company's stock after buying an additional 37,100 shares during the period. The Manufacturers Life Insurance Company's holdings in Figure Technology Solutions were worth $1,450,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA raised its holdings in shares of Figure Technology Solutions by 69.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 67,893 shares of the company's stock valued at $2,773,000 after acquiring an additional 27,893 shares in the last quarter. UBS Group AG increased its position in shares of Figure Technology Solutions by 322.9% in the fourth quarter. UBS Group AG now owns 885,977 shares of the company's stock worth $36,183,000 after purchasing an additional 676,470 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd increased its position in shares of Figure Technology Solutions by 53.6% in the fourth quarter. WIM INVESTMENT MANAGEMENT Ltd now owns 745,286 shares of the company's stock worth $30,437,000 after purchasing an additional 260,000 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in Figure Technology Solutions in the fourth quarter valued at approximately $5,041,000. Finally, Vanguard Group Inc. lifted its position in Figure Technology Solutions by 17.9% during the fourth quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company's stock valued at $121,493,000 after purchasing an additional 452,136 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have commented on FIGR. Keefe, Bruyette & Woods cut their price target on shares of 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. Sanford C. Bernstein lifted their price objective on shares of Figure Technology Solutions from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Zacks Research raised Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 14th. Weiss Ratings upgraded Figure Technology Solutions from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, June 4th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $55.00 price target on shares of Figure Technology Solutions in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Figure Technology Solutions presently has a consensus rating of "Moderate Buy" and an average price target of $50.62.

Figure Technology Solutions Stock Performance

Figure Technology Solutions stock opened at $28.82 on Tuesday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $5.26 billion and a PE ratio of 49.69. The firm has a fifty day simple moving average of $29.28 and a two-hundred day simple moving average of $34.68. Figure Technology Solutions, Inc. has a twelve month low of $24.11 and a twelve month high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.17 by $0.01. The company had revenue of $166.84 million for the quarter. Research analysts expect that Figure Technology Solutions, Inc. will post 0.92 EPS for the current year.

Insider Buying and Selling

In other Figure Technology Solutions news, CEO Michael Benjamin Tannenbaum sold 2,031 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $36.03, for a total value of $73,176.93. Following the completion of the sale, the chief executive officer owned 3,193,641 shares in the company, valued at approximately $115,066,885.23. The trade was a 0.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 Friday, July 24th. The shares were sold at an average price of $28.13, for a total value of $112,520.00. Following the sale, the chief financial officer directly owned 495,651 shares of the company's stock, valued at approximately $13,942,662.63. This trade represents a 0.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 155,463 shares of company stock worth $5,926,353 in the last 90 days. 26.60% of the stock is currently owned by company insiders.

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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