Fortress Investment Group LLC Makes New $8.18 Million Investment in Figure Technology Solutions, Inc. $FIGR

Fortress Investment Group LLC bought a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 225,000 shares of the company’s stock, valued at approximately $8,183,000. Figure Technology Solutions comprises approximately 1.1% of Fortress Investment Group LLC’s portfolio, making the stock its 19th largest holding. Fortress Investment Group LLC owned 0.13% of Figure Technology Solutions at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Centiva Capital LP bought a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $1,593,000. Bank of America Corp DE acquired a new position in Figure Technology Solutions in the third quarter worth $1,287,000. Alliancebernstein L.P. acquired a new position in Figure Technology Solutions in the third quarter worth $34,626,000. Ameriprise Financial Inc. bought a new stake in shares of Figure Technology Solutions during the third quarter worth $1,162,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Figure Technology Solutions during the third quarter worth $10,002,000.

Figure Technology Solutions Stock Down 3.0%

Shares of FIGR opened at $35.07 on Monday. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.17. Figure Technology Solutions, Inc. has a 12-month low of $25.01 and a 12-month high of $78.00. The firm has a market capitalization of $6.18 billion and a price-to-earnings ratio of 87.68. The firm’s fifty day moving average price is $45.97.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly earnings data 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 analysts’ expectations of $158.00 million. Figure Technology Solutions’s revenue for the quarter was up 90.7% compared to the same quarter last year.

Figure Technology Solutions announced that its Board of Directors has approved a stock repurchase plan on Thursday, February 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows 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 believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FIGR shares. Weiss Ratings cut Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. Bank of America lowered shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective on the stock. in a report on Tuesday, February 3rd. Zacks Research downgraded shares of Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. Needham & Company LLC reduced their target price on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Finally, Keefe, Bruyette & Woods raised shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Figure Technology Solutions has a consensus rating of “Moderate Buy” and a consensus target price of $55.63.

Insider Activity

In other news, insider David Todd Stevens sold 26,057 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $32.00, for a total value of $833,824.00. Following the transaction, the insider owned 462,943 shares of the company’s stock, valued at approximately $14,814,176. This trade represents a 5.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sachin Chand Jaitly sold 216,713 shares of Figure Technology Solutions stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total transaction of $7,290,225.32. The SEC filing for this sale provides additional information.

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.