Figure Technology Solutions (NASDAQ:FIGR) Sets New 12-Month Low - Here's What Happened

Key Points

• Figure Technology Solutions shares hit a new 52-week low, trading as low as $24.10 before closing around $24.94. The stock remains well below its 50-day and 200-day moving averages.
• Despite the decline, analysts maintain a consensus “Moderate Buy” rating with an average price target of $53.57, implying substantial upside from current levels. Recent targets range from $41 to $70.
• The company exceeded quarterly earnings expectations, reporting $0.35 in EPS versus a $0.24 consensus estimate and $218.45 million in revenue. However, insiders have sold 63,650 shares worth approximately $2.04 million over the past 90 days.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday. The stock traded as low as $24.10 and last traded at $24.9390, with a volume of 447,295 shares. The stock had previously closed at $25.05.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FIGR. Keefe, Bruyette & Woods lowered their price target on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating on the stock in a report on Monday, July 13th. Piper Sandler cut their price objective on shares of Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. Bank of America reaffirmed a "neutral" rating and set a $44.00 price objective on shares of Figure Technology Solutions in a research report on Monday, October 5th. The Goldman Sachs Group set a $41.00 price objective on Figure Technology Solutions in a research note on Wednesday, October 7th. Finally, Sanford C. Bernstein increased their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $53.57.

Figure Technology Solutions Trading Up 1.7%

The stock has a market cap of $4.73 billion and a P/E ratio of 27.15. The stock's fifty day moving average is $32.98 and its 200 day moving average is $32.52. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.86 and a current ratio of 1.86.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.11. The company had revenue of $218.45 million for the quarter. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%. As a group, equities research analysts predict that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current fiscal year.

Insider Transactions at Figure Technology Solutions

In other Figure Technology Solutions news, CFO Minchung Kgil sold 8,000 shares of Figure Technology Solutions stock in a transaction on Monday, August 24th. The stock was sold at an average price of $38.69, for a total transaction of $309,520.00. Following the completion of the sale, the chief financial officer directly owned 483,651 shares of the company's stock, valued at $18,712,457.19. The trade was a 1.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the firm's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the transaction, the insider directly owned 376,599 shares in the company, valued at $11,817,676.62. This trade represents a 11.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 63,650 shares of company stock worth $2,037,417 over the last 90 days. Insiders own 26.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. WPG Advisers LLC raised its position in Figure Technology Solutions by 71.1% in the first quarter. WPG Advisers LLC now owns 934 shares of the company's stock valued at $32,000 after purchasing an additional 388 shares during the period. State of Wyoming raised its position in Figure Technology Solutions by 14.8% in the 1st quarter. State of Wyoming now owns 3,864 shares of the company's stock valued at $131,000 after purchasing an additional 498 shares in the last quarter. Arcus Capital Partners LLC lifted its stake in Figure Technology Solutions by 7.9% in the first quarter. Arcus Capital Partners LLC now owns 7,400 shares of the company's stock worth $251,000 after acquiring an additional 541 shares during the last quarter. HB Wealth Management LLC lifted its position in shares of Figure Technology Solutions by 4.5% during the 2nd quarter. HB Wealth Management LLC now owns 18,389 shares of the company's stock worth $565,000 after purchasing an additional 788 shares during the last quarter. Finally, Concurrent Investment Advisors LLC lifted its holdings in Figure Technology Solutions by 16.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 6,988 shares of the company's stock worth $215,000 after buying an additional 966 shares during the last quarter.

Figure Technology Solutions Company Profile

Figure Technology Solutions, Inc is a financial technology company that develops blockchain- and artificial intelligence-enabled solutions for lending and financial services. The company's technology is designed to support the origination, servicing, financing and trading of financial assets through more efficient digital processes.

Figure's business activities have included home equity lending, personal lending, mortgage-related services and financial asset marketplaces. Its platform has also been used to facilitate the issuance and transfer of loans and other financial products, with blockchain technology intended to improve transparency, settlement and recordkeeping.

The company was founded by Mike Cagney, who previously co-founded Social Finance, Inc (SoFi), and Figure has operated primarily in the United States.

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