Figure Technology Solutions (NASDAQ:FIGR) Downgraded to Strong Sell Rating by Zacks Research

Figure Technology Solutions (NASDAQ:FIGR) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

Several other equities research analysts have also commented on FIGR. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Sanford C. Bernstein lifted their price objective on Figure Technology Solutions from $54.00 to $72.00 and gave the company an “outperform” rating in a research note 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 for the company in a research report on Monday, March 2nd. Needham & Company LLC cut their price target on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Finally, Weiss Ratings cut shares of Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Figure Technology Solutions presently has a consensus rating of “Moderate Buy” and an average target price of $55.63.

Figure Technology Solutions Stock Down 2.1%

Shares of FIGR opened at $33.68 on Monday. Figure Technology Solutions has a fifty-two week low of $25.01 and a fifty-two week high of $78.00. The company has a fifty day moving average of $44.76. The firm has a market cap of $5.98 billion and a price-to-earnings ratio of 84.20. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.26 and a current ratio of 2.20.

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

Figure Technology Solutions declared that its board has approved a stock 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Figure Technology Solutions

In other news, Director Sachin Chand Jaitly sold 216,713 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total value of $7,290,225.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David Todd Stevens sold 26,057 shares of the 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 sale, the insider owned 462,943 shares of the company’s stock, valued at approximately $14,814,176. This trade represents a 5.33% decrease in their position. The SEC filing for this sale provides additional information.

Institutional Trading of Figure Technology Solutions

Several large investors have recently bought and sold shares of FIGR. Federated Hermes Inc. purchased a new position in shares of Figure Technology Solutions in the third quarter valued at $8,183,000. Lisanti Capital Growth LLC acquired a new stake in Figure Technology Solutions during the 3rd quarter valued at $3,780,000. JPMorgan Chase & Co. purchased a new stake in Figure Technology Solutions during the 3rd quarter worth $15,529,000. BIT Capital GmbH acquired a new position in Figure Technology Solutions in the 3rd quarter worth $7,718,000. Finally, Fidelity National Financial Inc. purchased a new position in Figure Technology Solutions in the 3rd quarter valued at about $9,092,000.

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.