Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 7.2% on Insider Selling

Figure Technology Solutions, Inc. (NASDAQ:FIGR) shares were down 7.2% on Wednesday after an insider sold shares in the company. The company traded as low as $27.75 and last traded at $27.5280. 2,908,033 shares changed hands during trading, a decline of 39% from the average daily volume of 4,798,178 shares. The stock had previously closed at $29.65.

Specifically, CFO Minchung Kgil sold 9,117 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $30.06, for a total value of $274,057.02. Following the transaction, the chief financial officer directly owned 507,651 shares in the company, valued at approximately $15,259,989.06. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on FIGR shares. The Goldman Sachs Group lowered their target price on shares of Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Sanford C. Bernstein decreased their price target on shares of Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating on the stock in a report on Monday, March 30th. 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. Weiss Ratings raised shares of Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Finally, Bank of America cut their target price on shares of Figure Technology Solutions from $34.00 to $31.00 in a research report on Thursday, April 2nd. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Figure Technology Solutions currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.62.

Figure Technology Solutions Stock Performance

The stock has a market capitalization of $5.21 billion and a P/E ratio of 49.22. The stock’s fifty day moving average price is $34.15 and its two-hundred day moving average price is $39.33. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.20.

Figure Technology Solutions (NASDAQ:FIGR) last issued its earnings results on Monday, May 11th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. The business had revenue of $166.84 million during the quarter. Equities research analysts forecast that Figure Technology Solutions, Inc. will post 0.94 EPS for the current year.

Figure Technology Solutions declared that its Board of Directors has initiated a share buyback plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FIGR. Global Retirement Partners LLC purchased a new stake in Figure Technology Solutions during the 4th quarter valued at about $25,000. Strs Ohio purchased a new position in Figure Technology Solutions in the 4th quarter worth approximately $34,000. MetLife Investment Management LLC purchased a new position in Figure Technology Solutions in the 4th quarter worth approximately $35,000. WPG Advisers LLC lifted its position in Figure Technology Solutions by 71.1% in the first quarter. WPG Advisers LLC now owns 934 shares of the company’s stock valued at $32,000 after purchasing an additional 388 shares during the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of 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.