Figure Technology Solutions (NASDAQ:FIGR) Shares Gap Up Following Analyst Upgrade

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price gapped up before the market opened on Wednesday after Bank of America upgraded the stock from an underperform rating to a neutral rating. The stock had previously closed at $38.26, but opened at $40.00. Bank of America now has a $49.00 price target on the stock, up from their previous price target of $31.00. Figure Technology Solutions shares last traded at $39.5970, with a volume of 701,276 shares traded.

Other research analysts have also issued research reports about the company. Zacks Research raised Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Wall Street Zen raised Figure Technology Solutions from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Keefe, Bruyette & Woods lowered their price target on Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, July 13th. Weiss Ratings raised shares of Figure Technology Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. Finally, Sanford C. Bernstein boosted their price objective on shares of Figure Technology Solutions from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.88.

Insider Buying and Selling

In other news, CFO Minchung Kgil sold 8,000 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $38.69, for a total value of $309,520.00. Following the completion of the sale, the chief financial officer directly owned 483,651 shares of the company’s stock, valued at approximately $18,712,457.19. This represents a 1.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the completion of the sale, the insider owned 376,599 shares in the company, valued at approximately $11,817,676.62. The trade was a 11.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 80,767 shares of company stock worth $2,542,154 in the last ninety days. Insiders own 26.60% of the company’s stock.

Institutional Trading of Figure Technology Solutions

Hedge funds have recently bought and sold shares of the stock. Duquesne Family Office LLC bought a new position in shares of Figure Technology Solutions during the 3rd quarter worth about $76,989,000. Fred Alger Management LLC bought a new stake in shares of Figure Technology Solutions in the fourth quarter valued at about $67,386,000. Pantera Capital Partners LP acquired a new stake in Figure Technology Solutions during the third quarter worth about $56,114,000. California State Teachers Retirement System grew its position in Figure Technology Solutions by 62,565.2% during the second quarter. California State Teachers Retirement System now owns 1,190,013 shares of the company’s stock worth $38,750,000 after buying an additional 1,188,114 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Figure Technology Solutions during the third quarter valued at about $36,087,000.

Figure Technology Solutions Stock Performance

The firm has a fifty day simple moving average of $32.16 and a 200 day simple moving average of $32.74. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.22. The stock has a market cap of $7.30 billion and a price-to-earnings ratio of 42.78.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.11. The company had revenue of $218.45 million for the quarter. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%. As a group, sell-side analysts expect that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current year.

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.