Figure Technology Solutions (NASDAQ:FIGR) Sees Strong Trading Volume – Still a Buy?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) saw unusually-strong trading volume on Tuesday . Approximately 15,878,762 shares traded hands during trading, an increase of 189% from the previous session’s volume of 5,498,838 shares.The stock last traded at $36.0660 and had previously closed at $32.64.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Zacks Research cut Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Piper Sandler increased their price objective on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Keefe, Bruyette & Woods raised shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. Finally, Needham & Company LLC lowered 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 research report on Friday, February 27th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $55.63.

Figure Technology Solutions Trading Up 15.0%

The company has a 50 day simple moving average of $46.33. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $6.61 billion and a P/E ratio of 94.50.

Figure Technology Solutions (NASDAQ:FIGR) last announced 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. The firm’s quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions announced that its board has approved a stock repurchase plan on Thursday, February 26th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Michael Scott Cagney sold 200,058 shares of the stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $39.40, for a total transaction of $7,882,285.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David Todd Stevens sold 26,057 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total transaction of $833,824.00. Following the transaction, the insider owned 462,943 shares in the company, valued at approximately $14,814,176. The trade was a 5.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 426,173 shares of company stock valued at $16,598,394 in the last 90 days.

Institutional Investors Weigh In On Figure Technology Solutions

A number of institutional investors have recently added to or reduced their stakes in FIGR. WMS Group LLC acquired a new stake in Figure Technology Solutions during the fourth quarter worth about $300,000. Bank of Hawaii acquired a new position in shares of Figure Technology Solutions in the 4th quarter valued at about $1,087,000. Invesco Ltd. grew its holdings in shares of Figure Technology Solutions by 66.5% during the 4th quarter. Invesco Ltd. now owns 1,165,385 shares of the company’s stock worth $47,594,000 after purchasing an additional 465,606 shares during the period. Alpine Woods Capital Investors LLC acquired a new stake in Figure Technology Solutions during the 4th quarter worth approximately $1,897,000. Finally, Prana Capital Management LP purchased a new position in Figure Technology Solutions in the fourth quarter valued at approximately $2,617,000.

About Figure Technology Solutions

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.