Van ECK Associates Corp Invests $25.87 Million in Figure Technology Solutions, Inc. $FIGR

Van ECK Associates Corp bought a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 711,384 shares of the company’s stock, valued at approximately $25,873,000.

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

Insider Buying and Selling

In other news, insider David Todd Stevens sold 26,057 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total transaction of $833,824.00. Following the completion of the transaction, the insider directly owned 462,943 shares of the company’s stock, valued at approximately $14,814,176. This represents a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

FIGR has been the subject of a number of recent analyst reports. Sanford C. Bernstein raised their price target on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 13th. Needham & Company LLC reduced their price objective on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Piper Sandler raised their price objective on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Mizuho cut their target price on shares of Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Texas Capital raised shares of Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.63.

Figure Technology Solutions Price Performance

FIGR stock opened at $38.08 on Thursday. The company has a market capitalization of $6.71 billion and a price-to-earnings ratio of 95.20. Figure Technology Solutions, Inc. has a 1-year low of $25.01 and a 1-year high of $78.00. The company’s fifty day simple moving average is $46.24. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17.

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

Figure Technology Solutions announced that its board has initiated a share repurchase plan on Thursday, February 26th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

About Figure Technology Solutions

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.