Figure Technology Solutions (NASDAQ:FIGR) Shares Up 11.2% – Should You Buy?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) rose 11.2% during trading on Wednesday . The stock traded as high as $31.80 and last traded at $31.67. Approximately 1,197,995 shares changed hands during trading, a decline of 77% from the average daily volume of 5,115,267 shares. The stock had previously closed at $28.47.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FIGR shares. Sanford C. Bernstein boosted their price objective on Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, January 13th. The Goldman Sachs Group dropped their target price on shares of Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday. Mizuho upped their price target on shares of Figure Technology Solutions from $47.00 to $56.00 and gave the company an “outperform” rating in a research report on Monday, November 17th. Bank of America cut shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective on the stock. in a research report on Tuesday, February 3rd. Finally, Weiss Ratings lowered Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.75.

Figure Technology Solutions Stock Performance

The company has a market cap of $5.35 billion and a P/E ratio of 89.29. The firm’s 50 day moving average is $47.37. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.17.

Figure Technology Solutions (NASDAQ:FIGR) last posted its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.07). The firm had revenue of $157.63 million for the quarter, compared to analyst estimates of $158.00 million. The business’s revenue for the quarter was up 90.7% on a year-over-year basis.

Figure Technology Solutions declared that its Board of Directors has approved a stock repurchase program on Thursday, February 26th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director June Ou sold 200,058 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $39.40, for a total transaction of $7,882,285.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David Todd Stevens sold 26,057 shares of Figure Technology Solutions stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $32.00, for a total value of $833,824.00. Following the completion of the transaction, the insider directly owned 462,943 shares of the company’s stock, valued at $14,814,176. This represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 426,173 shares of company stock worth $16,598,394 in the last three months.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC bought a new position in shares of Figure Technology Solutions during the fourth quarter worth $25,000. Wells Fargo & Company MN raised its holdings in shares of Figure Technology Solutions by 3.5% during the fourth quarter. Wells Fargo & Company MN now owns 18,429 shares of the company’s stock worth $753,000 after acquiring an additional 616 shares during the period. Strs Ohio bought a new stake in Figure Technology Solutions in the 4th quarter valued at $34,000. MetLife Investment Management LLC acquired a new position in Figure Technology Solutions in the 4th quarter worth $35,000. Finally, Flagship Harbor Advisors LLC bought a new position in Figure Technology Solutions during the 4th quarter worth about $40,000.

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.