Figure Technology Solutions (NASDAQ:FIGR) Stock Falls 4.7% - Time to Sell?

Key Points

• FIGR shares fell 4.7% to about $25.84 in mid-day trading, with volume down 94% from the average session. The stock is trading below its 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and a $53.57 price target, despite several recent target cuts and one downgrade to “Sell.”
• The company exceeded quarterly earnings expectations, reporting $0.35 EPS versus a $0.24 consensus estimate, while insiders sold 63,650 shares worth approximately $2.04 million over the past 90 days.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) shares fell 4.7% during mid-day trading on Monday. The stock traded as low as $26.11 and last traded at $25.8430. 297,480 shares were traded during trading, a decline of 94% from the average session volume of 4,610,419 shares. The stock had previously closed at $27.13.

Analysts Set New Price Targets

FIGR has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of Figure Technology Solutions from a "hold (c)" rating to a "sell (d+)" rating in a research note on Friday, September 11th. Keefe, Bruyette & Woods lowered their target price on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating for the company in a research note on Monday, July 13th. The Goldman Sachs Group set a $41.00 price target on Figure Technology Solutions in a report on Wednesday, October 7th. Piper Sandler decreased their price objective on Figure Technology Solutions from $75.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, July 15th. Finally, Freedom Capital upgraded Figure Technology Solutions to a "strong-buy" rating in a research note on Thursday. Four investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $53.57.

Figure Technology Solutions Stock Down 4.3%

The firm has a 50 day moving average of $32.93 and a two-hundred day moving average of $32.47. The firm has a market capitalization of $4.82 billion and a price-to-earnings ratio of 28.01. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.22.

Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last announced its quarterly 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, sell-side analysts anticipate that Figure Technology Solutions, Inc. will post 1.18 EPS for the current fiscal year.

Insider Activity

In other Figure Technology Solutions news, insider David Stevens sold 47,650 shares of Figure Technology Solutions stock in a transaction dated 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 of the company's stock, valued at approximately $11,817,676.62. The trade was a 11.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 8,000 shares of the company'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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 63,650 shares of company stock worth $2,037,417 over the last ninety days. Company insiders own 26.60% of the company's stock.

Institutional Investors Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently modified their holdings of FIGR. WPG Advisers LLC boosted its holdings in Figure Technology Solutions by 71.1% during the 1st quarter. WPG Advisers LLC now owns 934 shares of the company's stock valued at $32,000 after acquiring an additional 388 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Figure Technology Solutions in the 2nd quarter worth approximately $47,000. GAMMA Investing LLC grew its holdings in shares of Figure Technology Solutions by 176.6% during the third quarter. GAMMA Investing LLC now owns 1,690 shares of the company's stock valued at $49,000 after buying an additional 1,079 shares during the last quarter. State of Wyoming boosted its holdings in shares of Figure Technology Solutions by 14.8% during the 1st quarter. State of Wyoming now owns 3,864 shares of the company's stock valued at $131,000 after acquiring an additional 498 shares during the last quarter. Finally, Fifth Third Bancorp bought a new stake in shares of Figure Technology Solutions in the first quarter worth $133,000.

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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