Figure Technology Solutions (NASDAQ:FIGR) Shares Up 3.7% - Here's What Happened

Key Points

• Figure Technology Solutions shares rose 3.7% to $28.36, although trading volume was 86% below the stock’s average daily volume.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $53.57; Goldman Sachs set a $41 target and Needham reaffirmed its Buy rating.
• The company exceeded quarterly earnings expectations, reporting $0.35 EPS versus $0.24 expected on $218.45 million in revenue, while insiders sold 63,650 shares worth about $2.04 million over the past three months.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report)'s share price traded up 3.7% during trading on Wednesday. The company traded as high as $28.38 and last traded at $28.36. Approximately 642,269 shares changed hands during trading, a decline of 86% from the average daily volume of 4,603,698 shares. The stock had previously closed at $27.35.

Wall Street Analyst Weigh In

Several research firms have recently commented on FIGR. The Goldman Sachs Group set a $41.00 price target on Figure Technology Solutions in a report on Wednesday. Wall Street Zen raised Figure Technology Solutions from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Needham & Company LLC restated a "buy" rating on shares of Figure Technology Solutions in a research note on Wednesday. Piper Sandler decreased their price target on shares of 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. Finally, Zacks Research upgraded Figure Technology Solutions from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Figure Technology Solutions has a consensus rating of "Moderate Buy" and a consensus target price of $53.57.

Figure Technology Solutions Trading Up 2.2%

The firm has a market cap of $5.19 billion and a price-to-earnings ratio of 30.03. The business has a fifty day moving average of $32.87 and a two-hundred day moving average of $32.75. 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 announced its earnings results on Thursday, August 13th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The firm 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 analysts expect 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 firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $38.69, for a total value of $309,520.00. Following the transaction, the chief financial officer owned 483,651 shares in the company, valued at approximately $18,712,457.19. This trade represents a 1.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $31.38, for a total value of $1,495,257.00. Following the completion of the sale, the insider owned 376,599 shares of the company's stock, valued at approximately $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. In the last three months, insiders have sold 63,650 shares of company stock valued at $2,037,417. 26.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Figure Technology Solutions

Hedge funds have recently added to or reduced their stakes in the stock. Quantinno Capital Management LP acquired a new stake in Figure Technology Solutions in the 1st quarter worth approximately $1,098,000. Temasek Holdings Private Ltd acquired a new position in Figure Technology Solutions during the 1st quarter valued at $1,415,000. Principal Financial Group Inc. bought a new position in Figure Technology Solutions during the first quarter valued at about $8,125,000. Norges Bank bought a new position in Figure Technology Solutions in the fourth quarter worth $32,672,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Figure Technology Solutions by 660.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 42,717 shares of the company's stock valued at $1,450,000 after acquiring an additional 37,100 shares in the last quarter.

About Figure Technology Solutions

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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