Mizuho Lowers Figure Technology Solutions (NASDAQ:FIGR) Price Target to $45.00

Figure Technology Solutions (NASDAQ:FIGR) had its target price reduced by investment analysts at Mizuho from $55.00 to $45.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s target price would indicate a potential upside of 38.77% from the company’s current price.

Several other brokerages also recently weighed in on FIGR. Piper Sandler lifted their target price on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. The Goldman Sachs Group decreased their price target on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Needham & Company LLC lowered their price target on Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Sanford C. Bernstein lifted their price objective on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, January 13th. Finally, Keefe, Bruyette & Woods upgraded shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, February 19th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.38.

Figure Technology Solutions Trading Up 3.9%

NASDAQ FIGR opened at $32.43 on Thursday. Figure Technology Solutions has a 52 week low of $25.01 and a 52 week high of $78.00. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.19. The company has a market cap of $5.75 billion and a PE ratio of 80.67. The stock has a 50-day moving average price of $42.44.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.06 earnings per share 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 the consensus estimate of $158.00 million. The company’s revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions announced that its Board of Directors has approved a stock buyback program on Thursday, February 26th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to buy up to 3.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Sachin Chand Jaitly sold 216,713 shares of the company’s stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David Todd Stevens sold 49,708 shares of the firm’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $32.02, for a total value of $1,591,650.16. Following the transaction, the insider directly owned 436,089 shares of the company’s stock, valued at $13,963,569.78. This represents a 10.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 292,478 shares of company stock valued at $9,715,699.

Institutional Investors Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Voya Investment Management LLC acquired a new stake 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 3rd quarter worth approximately $5,963,000. Blue Trust Inc. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $64,000. Hennessy Advisors Inc. acquired a new stake in Figure Technology Solutions during the third quarter valued at approximately $255,000. Finally, CWA Asset Management Group LLC acquired a new stake in Figure Technology Solutions during the third quarter valued at approximately $1,412,000.

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.