Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 8.2% – Here’s Why

Figure Technology Solutions, Inc. (NASDAQ:FIGR) shares dropped 8.2% on Thursday . The stock traded as low as $31.02 and last traded at $30.9060. Approximately 1,150,635 shares were traded during trading, a decline of 80% from the average daily volume of 5,801,679 shares. The stock had previously closed at $33.68.

Analyst Upgrades and Downgrades

FIGR has been the subject of several research reports. Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, January 29th. Piper Sandler lifted their target price on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Needham & Company LLC lowered their target price on Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Mizuho reduced their price target on Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 10th. Finally, Weiss Ratings cut Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.63.

Figure Technology Solutions Trading Down 4.7%

The stock has a market cap of $5.70 billion and a price-to-earnings ratio of 80.27. The firm’s fifty day simple moving average is $44.76. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.26.

Figure Technology Solutions (NASDAQ:FIGR) last issued 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 for the quarter, compared to analysts’ expectations of $158.00 million. Figure Technology Solutions’s quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions announced that its Board of Directors has initiated a share buyback program on Thursday, February 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to purchase 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 shares are undervalued.

Insider Transactions at Figure Technology Solutions

In related news, insider David Todd Stevens sold 26,057 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total value of $833,824.00. Following the completion of the transaction, the insider directly owned 462,943 shares of the company’s stock, valued at $14,814,176. This represents a 5.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sachin Chand Jaitly sold 216,713 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total transaction of $7,290,225.32. The disclosure for this sale is available in the SEC filing.

Institutional Trading of Figure Technology Solutions

Institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new position in shares of Figure Technology Solutions in the 4th quarter valued at $25,000. Strs Ohio purchased a new position in shares of Figure Technology Solutions during the fourth quarter worth about $34,000. MetLife Investment Management LLC purchased a new position in shares of Figure Technology Solutions during the fourth quarter worth about $35,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Figure Technology Solutions during the fourth quarter worth about $40,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Figure Technology Solutions in the 4th quarter valued at about $41,000.

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.