Insider Selling: Figure Technology Solutions (NASDAQ:FIGR) CFO Sells 4,000 Shares of Stock

Key Points

• Figure Technology Solutions CFO Minchung Kgil sold 4,000 shares on June 24 at an average price of $27.64, totaling $110,560. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• After the transaction, Kgil still directly owned 503,651 shares valued at about $13.9 million, and the sale reduced his stake by just 0.79%. He has also sold additional shares recently, including 9,117 shares on June 15 and 8,000 shares on April 24.
• FIGR shares were down slightly to $26.88, near the stock’s 12-month low of $25.01 and well below its 50-day and 200-day moving averages. The company recently beat quarterly EPS expectations and also has an active $200 million share buyback plan.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) CFO Minchung Kgil sold 4,000 shares of the company's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $27.64, for a total value of $110,560.00. Following the transaction, the chief financial officer directly owned 503,651 shares in the company, valued at approximately $13,920,913.64. The trade was a 0.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Minchung Kgil also recently made the following trade(s):

• On Monday, June 15th, Minchung Kgil sold 9,117 shares of Figure Technology Solutions stock. The shares were sold at an average price of $30.06, for a total value of $274,057.02.
• On Friday, April 24th, Minchung Kgil sold 8,000 shares of Figure Technology Solutions stock. The stock was sold at an average price of $32.25, for a total value of $258,000.00.

Figure Technology Solutions Stock Down 0.1%

FIGR stock traded down $0.03 on Friday, hitting $26.88. 9,744,915 shares of the company's stock were exchanged, compared to its average volume of 4,886,595. The firm has a 50 day moving average price of $33.50 and a two-hundred day moving average price of $39.03. Figure Technology Solutions, Inc. has a 12-month low of $25.01 and a 12-month high of $78.00. The stock has a market cap of $4.91 billion and a P/E ratio of 46.34. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.90 and a current ratio of 1.90.

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

Figure Technology Solutions declared that its board has initiated a stock buyback plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Figure Technology Solutions

A number of institutional investors and hedge funds have recently modified their holdings of FIGR. Orland Properties Ltd acquired a new position in Figure Technology Solutions in the 3rd quarter worth approximately $319,187,000. J Digital 6 LLC lifted its stake in Figure Technology Solutions by 9.1% during the 4th quarter. J Digital 6 LLC now owns 3,276,587 shares of the company's stock valued at $133,816,000 after acquiring an additional 274,145 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Figure Technology Solutions by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company's stock valued at $121,493,000 after acquiring an additional 452,136 shares during the last quarter. Duquesne Family Office LLC purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at $76,989,000. Finally, Fred Alger Management LLC acquired a new stake in shares of Figure Technology Solutions in the fourth quarter worth $67,386,000.

Wall Street Analyst Weigh In

FIGR has been the topic of several research analyst reports. The Goldman Sachs Group dropped their target price on shares of Figure Technology Solutions from $49.00 to $44.00 and set a "buy" rating on the stock in a research report on Monday, March 2nd. Sanford C. Bernstein decreased their price target on shares of Figure Technology Solutions from $72.00 to $67.00 and set an "outperform" rating for the company in a report on Monday, March 30th. Needham & Company LLC reiterated a "buy" rating and set a $55.00 price objective on shares of Figure Technology Solutions in a research note on Wednesday, May 13th. Bank of America dropped their price objective on shares of Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Finally, Mizuho upped their target price on Figure Technology Solutions from $45.00 to $55.00 and gave the company an "outperform" rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $53.62.

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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