Figure Technology Solutions (NASDAQ:FIGR) Shares Gap Up - Here's Why

Key Points

• FIGR shares opened sharply higher, rising from a prior close of $35.49 to $37.41 before settling around $35.76 in early trading.
• Analyst sentiment remains broadly positive but mixed: the stock has a consensus “Moderate Buy” rating and a $52.88 target price, with ratings ranging from “Strong Buy” to “Sell.”
• Figure Technology Solutions exceeded quarterly earnings expectations, reporting $0.35 in EPS versus a $0.24 consensus estimate, while insiders sold 71,650 shares worth approximately $2.27 million over the past three months.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $35.49, but opened at $37.41. Figure Technology Solutions shares last traded at $35.7580, with a volume of 469,206 shares.

Analyst Ratings Changes

FIGR has been the subject of a number of recent research reports. Zacks Research raised Figure Technology Solutions from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. Weiss Ratings lowered Figure Technology Solutions from a "hold (c)" rating to a "sell (d+)" rating in a research note on Friday, September 11th. Piper Sandler cut their target price on Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. Needham & Company LLC reiterated a "buy" rating and set a $55.00 price target on shares of Figure Technology Solutions in a research report on Thursday, August 20th. Finally, Sanford C. Bernstein raised their price target on shares of Figure Technology Solutions from $67.00 to $70.00 and gave the company 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 given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.88.

Figure Technology Solutions Stock Up 1.0%

The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.22. The stock has a market cap of $6.65 billion and a P/E ratio of 38.51. The stock's fifty day moving average price is $32.55 and its 200 day moving average price is $32.99.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. Figure Technology Solutions had a net margin of 33.45% and a return on equity of 18.90%. The company had revenue of $218.45 million during the quarter. As a group, research analysts forecast that Figure Technology Solutions, Inc. will post 1.2 earnings per share for the current fiscal year.

Insider Transactions at Figure Technology Solutions

In related news, CFO Minchung Kgil sold 8,000 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $38.69, for a total value of $309,520.00. Following the completion of the sale, the chief financial officer owned 483,651 shares in the company, valued at $18,712,457.19. The trade was a 1.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of Figure Technology Solutions stock in a transaction that occurred on Friday, August 14th. The stock was 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 71,650 shares of company stock worth $2,268,097. 26.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FIGR. Whetstone Capital Advisors LLC purchased a new stake in Figure Technology Solutions during the 2nd quarter valued at about $6,939,000. Engineers Gate Manager LP bought a new position in Figure Technology Solutions in the second quarter worth about $3,398,000. Integrated Wealth Concepts LLC purchased a new stake in Figure Technology Solutions in the second quarter worth about $47,000. Arizona State Retirement System bought a new stake in Figure Technology Solutions during the 2nd quarter valued at approximately $278,000. Finally, Waverly Advisors LLC grew its holdings in shares of Figure Technology Solutions by 78.1% during the 2nd quarter. Waverly Advisors LLC now owns 53,089 shares of the company's stock worth $1,630,000 after acquiring an additional 23,277 shares during the period.

Figure Technology Solutions Company Profile

Figure Technology Solutions, Inc is a financial technology company that develops and operates digital platforms for lending and other financial services. Its technology is designed to streamline the origination, underwriting, servicing and funding of loans through automated processes and data-driven tools.

The company's offerings have included home equity financing, personal loans and related lending products, delivered directly to consumers and through institutional or other financial-services partners.

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