Figure Technology Solutions (NASDAQ:FIGR) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research lowered shares of Figure Technology Solutions (NASDAQ:FIGR) from a hold rating to a strong sell rating in a research report released on Monday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Mizuho dropped their price objective on Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 10th. Sanford C. Bernstein increased their price target on Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 13th. Bank of America downgraded Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 target price on the stock. in a research report on Tuesday, February 3rd. Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Finally, Piper Sandler upped their target price on 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 equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.63.

Figure Technology Solutions Trading Down 2.1%

Shares of FIGR stock opened at $33.68 on Monday. The company’s 50-day moving average price is $44.76. The company has a quick ratio of 2.26, a current ratio of 2.20 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $5.98 billion and a price-to-earnings ratio of 84.20. Figure Technology Solutions has a 12 month low of $25.01 and a 12 month high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR) last announced its earnings results on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing the consensus estimate 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 company’s revenue was up 90.7% compared to the same quarter last year.

Figure Technology Solutions announced that its Board of Directors has authorized a stock buyback plan on Thursday, February 26th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Figure Technology Solutions

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

Institutional Investors Weigh In On Figure Technology Solutions

Hedge funds and other institutional investors have recently bought and sold shares of the business. Voya Investment Management LLC purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $721,000. Exchange Traded Concepts LLC purchased a new position in Figure Technology Solutions in the 3rd quarter worth about $5,963,000. Blue Trust Inc. purchased a new stake in Figure Technology Solutions in the third quarter worth approximately $64,000. Hennessy Advisors Inc. purchased a new position in shares of Figure Technology Solutions in the 3rd quarter worth $255,000. Finally, CWA Asset Management Group LLC bought a new stake in shares of Figure Technology Solutions during the 3rd quarter valued at about $1,412,000.

Figure Technology Solutions Company Profile

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.