Galileo PTC Ltd Acquires Shares of 237,067 Figure Technology Solutions, Inc. $FIGR

Galileo PTC Ltd acquired a new position in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) in the 3rd quarter, HoldingsChannel reports. The firm acquired 237,067 shares of the company’s stock, valued at approximately $8,622,000. Figure Technology Solutions makes up approximately 0.8% of Galileo PTC Ltd’s holdings, making the stock its 4th largest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Voya Investment Management LLC purchased a new stake in shares of Figure Technology Solutions during the third quarter worth approximately $721,000. Exchange Traded Concepts LLC acquired a new stake in Figure Technology Solutions during the 3rd quarter worth $5,963,000. Blue Trust Inc. purchased a new stake in shares of Figure Technology Solutions during the third quarter worth $64,000. Hennessy Advisors Inc. acquired a new stake in shares of Figure Technology Solutions in the third quarter valued at about $255,000. Finally, CWA Asset Management Group LLC purchased a new position in shares of Figure Technology Solutions in the third quarter worth about $1,412,000.

Wall Street Analyst Weigh In

A number of analysts have commented on FIGR shares. Piper Sandler increased their price objective on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Weiss Ratings lowered Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 11th. Zacks Research downgraded Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Needham & Company LLC dropped their target price on Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a report on Friday, February 27th. Finally, Sanford C. Bernstein lifted their price target on Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, January 13th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.75.

Figure Technology Solutions Trading Up 7.1%

FIGR stock opened at $30.49 on Thursday. The company has a fifty day moving average price of $47.08. Figure Technology Solutions, Inc. has a 12-month low of $25.01 and a 12-month high of $78.00. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.26 and a quick ratio of 2.26. The stock has a market cap of $5.37 billion and a P/E ratio of 89.68.

Figure Technology Solutions (NASDAQ:FIGR) last announced 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 company had revenue of $157.63 million for the quarter, compared to analysts’ expectations of $158.00 million. The company’s quarterly revenue was up 90.7% compared to the same quarter last year.

Figure Technology Solutions declared that its board has initiated a share buyback program on Thursday, February 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, Director David K. Chao acquired 4,000 shares of Figure Technology Solutions stock in a transaction dated Friday, December 5th. The stock was acquired at an average price of $38.26 per share, for a total transaction of $153,040.00. Following the transaction, the director owned 4,000 shares of the company’s stock, valued at $153,040. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director June Ou sold 200,058 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total transaction of $7,882,285.20. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 426,173 shares of company stock worth $16,598,394.

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.