North Reef Capital Management LP Takes Position in Figure Technology Solutions, Inc. $FIGR

North Reef Capital Management LP bought a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 240,000 shares of the company’s stock, valued at approximately $8,729,000. Figure Technology Solutions makes up 0.4% of North Reef Capital Management LP’s holdings, making the stock its 25th biggest position. North Reef Capital Management LP owned about 0.14% of Figure Technology Solutions as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Voya Investment Management LLC acquired a new stake in Figure Technology Solutions in the third quarter valued at $721,000. Exchange Traded Concepts LLC bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $5,963,000. Blue Trust Inc. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $64,000. Hennessy Advisors Inc. acquired a new stake in Figure Technology Solutions in the 3rd quarter valued at about $255,000. Finally, CWA Asset Management Group LLC bought a new position in Figure Technology Solutions during the third quarter worth about $1,412,000.

Analyst Ratings Changes

Several analysts have issued reports on FIGR shares. Sanford C. Bernstein upped their price objective on Figure Technology Solutions from $54.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, January 13th. Texas Capital upgraded Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, January 29th. Bank of America lowered shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price target on the stock. in a research note on Tuesday, February 3rd. Mizuho lowered their price target on shares of Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating on the stock in a report on Tuesday, March 10th. Finally, Piper Sandler upped their target price on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Figure Technology Solutions currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.63.

Figure Technology Solutions Stock Up 1.1%

Shares of NASDAQ:FIGR opened at $35.46 on Tuesday. The firm’s 50 day moving average is $45.61. Figure Technology Solutions, Inc. has a 12-month low of $25.01 and a 12-month high of $78.00. The stock has a market capitalization of $6.24 billion and a PE ratio of 88.65. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.26 and a current ratio of 2.26.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly 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 during the quarter, compared to analyst estimates of $158.00 million. The firm’s revenue for the quarter was up 90.7% compared to the same quarter last year.

Figure Technology Solutions declared that its Board of Directors has authorized a share repurchase program on Thursday, February 26th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Director Sachin Chand Jaitly sold 216,713 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total transaction of $7,290,225.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider David Todd Stevens sold 26,057 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $32.00, for a total transaction of $833,824.00. Following the completion of the sale, the insider directly owned 462,943 shares of the company’s stock, valued at $14,814,176. The trade was a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

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.