Figure Technology Solutions (NASDAQ:FIGR) Shares Down 7.2% – Time to Sell?

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s stock price was down 7.2% on Wednesday . The company traded as low as $27.75 and last traded at $27.5280. Approximately 2,908,033 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 4,798,178 shares. The stock had previously closed at $29.65.

Analyst Upgrades and Downgrades

FIGR has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price target on shares of Figure Technology Solutions in a research note on Wednesday, May 13th. Mizuho upped their price objective on shares of Figure Technology Solutions from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Sanford C. Bernstein decreased their target price on shares of Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating for the company in a research note on Monday, March 30th. Bank of America lowered their target price on shares of Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Finally, Keefe, Bruyette & Woods raised Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Figure Technology Solutions has an average rating of “Moderate Buy” and a consensus target price of $53.63.

Figure Technology Solutions Trading Down 7.6%

The stock has a market cap of $5.00 billion and a PE ratio of 47.24. The firm has a 50-day moving average price of $34.30 and a 200-day moving average price of $39.44. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.90 and a current ratio of 1.90.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings data on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The firm had revenue of $166.84 million for the quarter. As a group, equities analysts anticipate that Figure Technology Solutions, Inc. will post 0.94 EPS for the current fiscal year.

Figure Technology Solutions announced that its board has approved a share buyback plan on Thursday, February 26th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Figure Technology Solutions

In related news, Director June Ou sold 35,190 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $38.20, for a total value of $1,344,258.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $32.25, for a total value of $258,000.00. Following the completion of the transaction, the chief financial officer directly owned 548,098 shares in the company, valued at $17,676,160.50. This trade represents a 1.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 511,928 shares of company stock valued at $17,997,776 over the last ninety days. Corporate insiders own 26.60% of the company’s stock.

Institutional Investors Weigh In On Figure Technology Solutions

Several institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. purchased a new stake in Figure Technology Solutions during the third quarter valued at $15,529,000. BIT Capital GmbH bought a new stake in shares of Figure Technology Solutions during the 3rd quarter valued at about $7,718,000. Fidelity National Financial Inc. purchased a new stake in shares of Figure Technology Solutions during the 3rd quarter valued at about $9,092,000. Orland Properties Ltd purchased a new stake in shares of Figure Technology Solutions during the 3rd quarter valued at about $319,187,000. Finally, Pictet Asset Management Holding SA lifted its stake in shares of Figure Technology Solutions by 69.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 67,893 shares of the company’s stock worth $2,773,000 after purchasing an additional 27,893 shares during the period.

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.