Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 8.6% - Here's Why

Key Points

• Figure Technology Solutions shares fell 8.6% to about $37.60 in mid-day trading, while volume was 91% below the stock’s average daily volume.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $50.62, despite some recent target reductions.
• The company exceeded quarterly earnings expectations, reporting $0.35 EPS versus the $0.24 consensus on $218.45 million in revenue. Insiders have sold 72,767 shares worth approximately $2.23 million over the past quarter, while several institutional investors increased their positions.

Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report)'s share price was down 8.6% on Wednesday . The company traded as low as $38.55 and last traded at $37.6020. 420,517 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 4,593,800 shares. The stock had previously closed at $41.14.

Analysts Set New Price Targets

FIGR has been the subject of a number of research reports. Sanford C. Bernstein increased their price target on Figure Technology Solutions from $67.00 to $70.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Keefe, Bruyette & Woods dropped their target price on Figure Technology Solutions from $55.00 to $45.00 and set an "outperform" rating for the company in a research report on Monday, July 13th. Weiss Ratings raised Figure Technology Solutions from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday. Zacks Research raised Figure Technology Solutions from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 17th. Finally, Wall Street Zen upgraded shares of Figure Technology Solutions from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $50.62.

Figure Technology Solutions Stock Performance

The stock has a 50 day moving average of $30.54 and a 200 day moving average of $32.82. The company has a market capitalization of $6.92 billion and a price-to-earnings ratio of 40.08. 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 released its earnings results on Thursday, August 13th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $218.45 million during the quarter. As a group, analysts predict that Figure Technology Solutions, Inc. will post 1.18 EPS for the current year.

Insider Buying and Selling at Figure Technology Solutions

In related news, insider David Todd Stevens sold 47,650 shares of Figure Technology Solutions stock in a transaction on 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 completion of the transaction, the insider owned 376,599 shares of the company's stock, valued at $11,817,676.62. This trade represents a 11.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 4,000 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $30.03, for a total transaction of $120,120.00. Following the completion of the transaction, the chief financial officer owned 491,651 shares in the company, valued at approximately $14,764,279.53. The trade was a 0.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 72,767 shares of company stock valued at $2,232,634. 26.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Figure Technology Solutions

A number of hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System boosted its holdings in shares of Figure Technology Solutions by 62,565.2% during the 2nd quarter. California State Teachers Retirement System now owns 1,190,013 shares of the company's stock worth $38,750,000 after buying an additional 1,188,114 shares in the last quarter. HB Wealth Management LLC increased its stake in shares of Figure Technology Solutions by 4.5% in the 2nd quarter. HB Wealth Management LLC now owns 18,389 shares of the company's stock valued at $565,000 after acquiring an additional 788 shares in the last quarter. Angeles Wealth Management LLC bought a new stake in shares of Figure Technology Solutions in the 2nd quarter valued at $522,000. Werlinich Asset Management LLC lifted its position in shares of Figure Technology Solutions by 8.1% during the 2nd quarter. Werlinich Asset Management LLC now owns 14,950 shares of the company's stock valued at $459,000 after acquiring an additional 1,115 shares during the period. Finally, Concurrent Investment Advisors LLC boosted its stake in Figure Technology Solutions by 16.0% during the second quarter. Concurrent Investment Advisors LLC now owns 6,988 shares of the company's stock worth $215,000 after acquiring an additional 966 shares in the last quarter.

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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