Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 7.1% – Here’s What Happened

Figure Technology Solutions, Inc. (NASDAQ:FIGR) shares fell 7.1% during trading on Monday . The stock traded as low as $33.03 and last traded at $32.0430. 565,466 shares were traded during mid-day trading, a decline of 90% from the average session volume of 5,542,305 shares. The stock had previously closed at $34.51.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Mizuho lowered their price objective on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating for the company in a research note on Thursday, March 26th. Bank of America lowered Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price target for the company. in a research note on Tuesday, February 3rd. Zacks Research lowered Figure Technology Solutions from a “hold” rating to a “strong sell” rating in a research note on Monday, March 16th. Needham & Company LLC decreased 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, Piper Sandler raised their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $53.75.

Figure Technology Solutions Price Performance

The business’s 50-day moving average price is $37.42. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.20. The company has a market capitalization of $5.70 billion and a P/E ratio of 80.50.

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 business had revenue of $157.63 million during the quarter, compared to analysts’ expectations of $158.00 million. Figure Technology Solutions’s revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions announced that its board has initiated 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 often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Figure Technology Solutions

In other news, insider David Todd Stevens sold 49,708 shares of the firm’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the completion of the sale, the insider directly owned 436,089 shares in the company, valued at $13,963,569.78. This trade represents a 10.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sachin Chand Jaitly sold 216,713 shares of the business’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 SEC filing for this sale provides additional information. Over the last three months, insiders sold 292,478 shares of company stock valued at $9,715,699.

Institutional Trading of Figure Technology Solutions

A number of hedge funds and other institutional investors have recently made changes to their positions in FIGR. Global Retirement Partners LLC acquired a new position in Figure Technology Solutions during the 4th quarter worth $25,000. Wells Fargo & Company MN lifted its position 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 purchasing an additional 616 shares during the last quarter. Strs Ohio acquired a new position in Figure Technology Solutions in the fourth quarter worth about $34,000. MetLife Investment Management LLC bought a new stake in Figure Technology Solutions in the fourth quarter valued at about $35,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Figure Technology Solutions during the fourth quarter valued at approximately $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.