Minchung Kgil Sells 8,000 Shares of Figure Technology Solutions (NASDAQ:FIGR) Stock

Key Points

• CFO Minchung Kgil sold 8,000 shares at an average price of $32.25 on April 24 for $258,000, reducing his stake to 548,098 shares (a 1.44% decrease); the sale was executed under a pre-arranged Rule 10b5-1 plan.
• The board approved a $200 million stock buyback program authorizing repurchases of up to about 3.3% of outstanding shares, signaling management’s view that the stock may be undervalued.
• Shares traded around $32.91 (up 2.4%), with a $5.84B market cap and a 82.28 PE after the company reported Q4 EPS of $0.06 (miss vs. $0.13) and revenue up 90.7% year-over-year; analysts’ consensus is a "Moderate Buy" with an average target of $53.75.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) CFO Minchung Kgil sold 8,000 shares of the company's stock in a transaction on Friday, April 24th. The stock was sold at an average price of $32.25, for a total transaction of $258,000.00. Following the completion of the transaction, the chief financial officer directly owned 548,098 shares in the company, valued at $17,676,160.50. This trade represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Figure Technology Solutions Stock Up 2.4%

Shares of NASDAQ FIGR traded up $0.76 during mid-day trading on Monday, reaching $32.91. The company had a trading volume of 2,271,857 shares, compared to its average volume of 5,286,709. Figure Technology Solutions, Inc. has a twelve month low of $25.01 and a twelve month high of $78.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.20 and a current ratio of 2.20. The stock has a market capitalization of $5.84 billion and a PE ratio of 82.28. The stock's 50 day moving average is $33.38 and its 200-day moving average is $40.71.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.07). The business had revenue of $157.63 million for the quarter, compared to analysts' expectations of $158.00 million. The business's quarterly revenue was up 90.7% compared to the same quarter last year. As a group, equities analysts anticipate that Figure Technology Solutions, Inc. will post 0.93 earnings per share for the current fiscal year.

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

Institutional Investors Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently made changes to their positions in FIGR. Orland Properties Ltd acquired a new stake in shares of Figure Technology Solutions in the third quarter valued at about $319,187,000. Vanguard Group Inc. acquired a new stake in Figure Technology Solutions during the third quarter worth about $91,751,000. Duquesne Family Office LLC acquired a new stake in Figure Technology Solutions during the third quarter worth about $76,989,000. Fred Alger Management LLC acquired a new stake in Figure Technology Solutions during the fourth quarter worth about $67,386,000. Finally, Pantera Capital Partners LP acquired a new stake in Figure Technology Solutions during the third quarter worth about $56,114,000.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Zacks Research raised shares of Figure Technology Solutions from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 14th. Keefe, Bruyette & Woods raised shares of Figure Technology Solutions from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, February 19th. The Goldman Sachs Group lowered 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. Mizuho lowered their target price 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, March 26th. Finally, Texas Capital raised shares of Figure Technology Solutions to a "strong-buy" rating in a research report on Thursday, January 29th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $53.75.

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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