Zacks Research Downgrades Figure Technology Solutions (NASDAQ:FIGR) to Strong Sell

Figure Technology Solutions (NASDAQ:FIGR) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other brokerages have also issued reports on FIGR. Needham & Company LLC cut their target price on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Keefe, Bruyette & Woods upgraded shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, February 19th. Bank of America downgraded shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective for the company. in a research report on Tuesday, February 3rd. Piper Sandler upped their price objective 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. Finally, Weiss Ratings cut Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.63.

Figure Technology Solutions Stock Performance

Shares of NASDAQ:FIGR opened at $33.68 on Monday. The stock has a market capitalization of $5.98 billion and a PE ratio of 84.20. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.26. The stock has a 50-day moving average price of $44.76. Figure Technology Solutions has a 52-week low of $25.01 and a 52-week high of $78.00.

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 the consensus estimate of $0.13 by ($0.07). The firm had revenue of $157.63 million for the quarter, compared to analysts’ expectations of $158.00 million. The firm’s revenue for the quarter was up 90.7% on a year-over-year basis.

Figure Technology Solutions announced that its board has initiated a stock buyback program on Thursday, February 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to purchase up to 3.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Figure Technology Solutions news, Director Sachin Chand Jaitly sold 216,713 shares of Figure Technology Solutions stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total transaction of $7,290,225.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider David Todd Stevens sold 26,057 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider owned 462,943 shares of the company’s stock, valued at approximately $14,814,176. The trade was a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Institutional Investors Weigh In On Figure Technology Solutions

A number of institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC bought a new stake in Figure Technology Solutions during the 4th quarter valued at approximately $25,000. Wells Fargo & Company MN grew its holdings in Figure Technology Solutions by 3.5% during the 4th quarter. Wells Fargo & Company MN now owns 18,429 shares of the company’s stock valued at $753,000 after buying an additional 616 shares in the last quarter. Strs Ohio bought a new stake in shares of Figure Technology Solutions during the fourth quarter valued at approximately $34,000. MetLife Investment Management LLC purchased a new position in shares of Figure Technology Solutions in the fourth quarter worth $35,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Figure Technology Solutions during the fourth quarter worth $40,000.

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.