JPMorgan Chase & Co. Makes New Investment in Figure Technology Solutions, Inc. $FIGR

JPMorgan Chase & Co. purchased a new position in Figure Technology Solutions, Inc. (NASDAQ:FIGR) in the third quarter, Holdings Channel reports. The institutional investor purchased 426,972 shares of the company’s stock, valued at approximately $15,529,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of FIGR. Blue Trust Inc. bought a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $64,000. SBI Securities Co. Ltd. purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at $66,000. PNC Financial Services Group Inc. purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at $73,000. Ameritas Advisory Services LLC purchased a new position in shares of Figure Technology Solutions during the 3rd quarter valued at $200,000. Finally, Hennessy Advisors Inc. purchased a new stake in shares of Figure Technology Solutions in the third quarter worth $255,000.

Figure Technology Solutions Trading Down 4.2%

Shares of Figure Technology Solutions stock opened at $28.47 on Wednesday. The company has a market cap of $5.01 billion and a price-to-earnings ratio of 83.74. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.26 and a quick ratio of 2.26. Figure Technology Solutions, Inc. has a 12 month low of $25.01 and a 12 month high of $78.00. The firm’s 50-day moving average price is $47.37.

Figure Technology Solutions (NASDAQ:FIGR) last issued its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.07). The business had revenue of $157.63 million during the quarter, compared to analyst estimates of $158.00 million. The firm’s revenue for the quarter was up 90.7% on a year-over-year basis.

Figure Technology Solutions declared that its Board of Directors has approved a share buyback program on Thursday, February 26th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Figure Technology Solutions

In related news, Director David K. Chao acquired 4,000 shares of Figure Technology Solutions stock in a transaction dated Friday, December 5th. The shares were purchased at an average cost of $38.26 per share, with a total value of $153,040.00. Following the completion of the purchase, the director owned 4,000 shares of the company’s stock, valued at $153,040. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director June Ou sold 200,058 shares of Figure Technology Solutions stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $39.40, for a total value of $7,882,285.20. The SEC filing for this sale provides additional information. Insiders sold a total of 426,173 shares of company stock worth $16,598,394 in the last quarter.

Wall Street Analysts Forecast Growth

FIGR has been the subject of several recent analyst reports. Sanford C. Bernstein boosted their target price on Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 13th. Texas Capital raised Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. The Goldman Sachs Group decreased their price objective 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. Zacks Research lowered shares of Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Finally, Piper Sandler boosted their price target on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.75.

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.