Figure Technology Solutions (NASDAQ:FIGR) Hits New 12-Month Low – Here’s What Happened

Figure Technology Solutions, Inc. (NASDAQ:FIGR) hit a new 52-week low during trading on Thursday. The company traded as low as $24.10 and last traded at $24.9390, with a volume of 447,295 shares changing hands. The stock had previously closed at $25.05.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on FIGR shares. Needham & Company LLC restated a “buy” rating on shares of Figure Technology Solutions in a research report on Wednesday, October 7th. Freedom Broker raised shares of Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday. Piper Sandler cut their price objective on shares of Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Weiss Ratings lowered shares of Figure Technology Solutions from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, September 11th. Finally, Bank of America reissued a “neutral” rating and issued a $44.00 target price on shares of Figure Technology Solutions in a research note on Monday, October 5th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $53.57.

Figure Technology Solutions Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 1.86. The stock has a 50 day simple moving average of $32.93 and a two-hundred day simple moving average of $32.46. The company has a market cap of $5.04 billion and a price-to-earnings ratio of 29.17.

Figure Technology Solutions (NASDAQ:FIGR) last issued its earnings results on Thursday, August 13th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%. The business had revenue of $218.45 million during the quarter. On average, equities research analysts predict that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current fiscal year.

Insider Transactions at Figure Technology Solutions

In related news, insider David Stevens sold 47,650 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $31.38, for a total value of $1,495,257.00. Following the completion of the sale, the insider owned 376,599 shares of the company’s stock, valued at approximately $11,817,676.62. This represents a 11.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 8,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $38.69, for a total transaction of $309,520.00. Following the sale, the chief financial officer owned 483,651 shares of the company’s stock, valued at approximately $18,712,457.19. The trade was a 1.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 63,650 shares of company stock valued at $2,037,417 in the last three months. 26.60% of the stock is currently owned by insiders.

Institutional Trading of Figure Technology Solutions

Several hedge funds have recently made changes to their positions in the company. Granahan Investment Management LLC increased its holdings in shares of Figure Technology Solutions by 40.6% during the 1st quarter. Granahan Investment Management LLC now owns 935,400 shares of the company’s stock worth $31,757,000 after buying an additional 269,882 shares during the last quarter. Maplelane Capital LLC acquired a new position in Figure Technology Solutions in the first quarter valued at approximately $23,120,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. lifted its holdings in Figure Technology Solutions by 13.6% in the first quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. now owns 446,481 shares of the company’s stock valued at $15,158,000 after acquiring an additional 53,434 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Figure Technology Solutions in the second quarter valued at approximately $10,875,000. Finally, Sei Investments Co. grew its position in Figure Technology Solutions by 97.7% in the first quarter. Sei Investments Co. now owns 257,181 shares of the company’s stock worth $8,732,000 after acquiring an additional 127,120 shares during the period.

Figure Technology Solutions Company Profile

Figure Technology Solutions, Inc is a financial technology company that develops blockchain- and artificial intelligence-enabled solutions for lending and financial services. The company’s technology is designed to support the origination, servicing, financing and trading of financial assets through more efficient digital processes.

Figure’s business activities have included home equity lending, personal lending, mortgage-related services and financial asset marketplaces. Its platform has also been used to facilitate the issuance and transfer of loans and other financial products, with blockchain technology intended to improve transparency, settlement and recordkeeping.

The company was founded by Mike Cagney, who previously co-founded Social Finance, Inc (SoFi), and Figure has operated primarily in the United States.