Columbus Hill Capital Management L.P. Purchases New Stake in Figure Technology Solutions, Inc. $FIGR

Columbus Hill Capital Management L.P. acquired a new position in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 152,500 shares of the company’s stock, valued at approximately $5,546,000. Figure Technology Solutions comprises approximately 0.7% of Columbus Hill Capital Management L.P.’s holdings, making the stock its 23rd biggest position. Columbus Hill Capital Management L.P. owned 0.07% of Figure Technology Solutions at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FIGR. Federated Hermes Inc. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $8,183,000. Lisanti Capital Growth LLC bought a new stake in Figure Technology Solutions in the third quarter valued at $3,780,000. JPMorgan Chase & Co. bought a new position in shares of Figure Technology Solutions in the 3rd quarter worth $15,529,000. BIT Capital GmbH acquired a new position in shares of Figure Technology Solutions during the third quarter valued at about $7,718,000. Finally, Fidelity National Financial Inc. bought a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $9,092,000.

Figure Technology Solutions Stock Performance

Figure Technology Solutions stock opened at $35.07 on Friday. The firm’s fifty day moving average price is $45.97. Figure Technology Solutions, Inc. has a one year low of $25.01 and a one year high of $78.00. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.26 and a current ratio of 2.26. The stock has a market capitalization of $6.18 billion and a PE ratio of 87.68.

Figure Technology Solutions (NASDAQ:FIGR) last announced its earnings results on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The company 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% compared to the same quarter last year.

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

Wall Street Analyst Weigh In

FIGR has been the topic of several research reports. Keefe, Bruyette & Woods raised shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, February 19th. Sanford C. Bernstein increased their target price on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 13th. Mizuho cut their price target on shares of Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating for the company in a research note on Tuesday. Weiss Ratings cut Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. Finally, The Goldman Sachs Group decreased 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 report on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.63.

Insiders Place Their Bets

In related news, Director Sachin Chand Jaitly sold 216,713 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total value of $7,290,225.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David Todd Stevens sold 26,057 shares of the business’s 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 completion of the sale, the insider owned 462,943 shares in the company, valued at approximately $14,814,176. This trade represents a 5.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

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.