Figure Technology Solutions (NASDAQ:FIGR) Stock Price Up 5.8% - Here's What Happened

Key Points

• FIGR shares rose 5.8% to about $38.68 in midday trading, although volume was roughly 97% below the average session level.
• Analyst sentiment remains positive: Figure Technology Solutions has a consensus “Moderate Buy” rating and an average price target of $52.88, with recent target changes ranging from $49 to $65.
• The company exceeded quarterly earnings expectations, reporting $0.35 EPS versus a $0.24 consensus on $218.45 million in revenue; however, insiders have sold 80,767 shares worth approximately $2.54 million over the past three months.

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) shot up 5.8% during mid-day trading on Friday . The stock traded as high as $37.50 and last traded at $38.6820. 158,407 shares traded hands during trading, a decline of 97% from the average session volume of 4,579,214 shares. The stock had previously closed at $36.57.

Analysts Set New Price Targets

FIGR has been the subject of a number of research analyst reports. Wall Street Zen raised shares of 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 and issued a $55.00 price target on shares of Figure Technology Solutions in a report on Thursday, August 20th. Piper Sandler reduced their price objective on 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. Zacks Research upgraded Figure Technology Solutions from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Finally, Bank of America upgraded Figure Technology Solutions from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $31.00 to $49.00 in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Figure Technology Solutions presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.88.

Figure Technology Solutions Trading Up 1.3%

The firm has a market cap of $6.88 billion and a price-to-earnings ratio of 39.82. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 1.86. The business has a 50-day moving average of $32.32 and a 200-day moving average of $32.83.

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

Insider Activity at Figure Technology Solutions

In other Figure Technology Solutions news, CFO Minchung Kgil sold 8,000 shares of the stock in a transaction 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. This trade represents a 1.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 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 completion of the transaction, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 80,767 shares of company stock valued at $2,542,154. 26.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Figure Technology Solutions

Several hedge funds have recently bought and sold shares of the company. Duquesne Family Office LLC bought a new position in shares of Figure Technology Solutions during the 3rd quarter worth approximately $76,989,000. Fred Alger Management LLC bought a new stake in Figure Technology Solutions in the 4th quarter valued at $67,386,000. Pantera Capital Partners LP bought a new position in Figure Technology Solutions during the third quarter worth $56,114,000. California State Teachers Retirement System boosted its position in Figure Technology Solutions by 62,565.2% during the second quarter. California State Teachers Retirement System now owns 1,190,013 shares of the company's stock worth $38,750,000 after purchasing an additional 1,188,114 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Figure Technology Solutions in the third quarter valued at $36,087,000.

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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