Figure Technology Solutions (NASDAQ:FIGR) Trading Down 5.3% – Should You Sell?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) shares fell 5.3% during trading on Wednesday . The company traded as low as $31.80 and last traded at $31.5030. 2,820,546 shares changed hands during trading, a decline of 51% from the average session volume of 5,773,430 shares. The stock had previously closed at $33.25.

Analyst Ratings Changes

A number of brokerages recently issued reports on FIGR. Piper Sandler increased their price objective on Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Texas Capital upgraded Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, January 29th. Zacks Research cut Figure Technology Solutions from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Needham & Company LLC cut their price objective on Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a report on Friday, February 27th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Figure Technology Solutions presently has an average rating of “Moderate Buy” and a consensus target price of $55.63.

Figure Technology Solutions Stock Down 6.1%

The business has a 50-day simple moving average of $42.94. The company has a market cap of $5.54 billion and a P/E ratio of 78.03. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.19.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The business had revenue of $157.63 million during the quarter, compared to analyst estimates of $158.00 million. The company’s quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions declared that its Board of Directors has authorized 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 repurchase up to 3.3% of its shares through open market purchases. Shares buyback plans are often an indication 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider David Todd Stevens sold 49,708 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the completion of the sale, the insider owned 436,089 shares of the company’s stock, valued at approximately $13,963,569.78. The trade was a 10.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 292,478 shares of company stock valued at $9,715,699 in the last 90 days.

Hedge Funds Weigh In On Figure Technology Solutions

A number of large investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. bought a new stake in Figure Technology Solutions in the fourth quarter worth $935,000. WMS Group LLC bought a new position in shares of Figure Technology Solutions during the fourth quarter valued at about $300,000. Bank of Hawaii purchased a new position in shares of Figure Technology Solutions in the fourth quarter worth about $1,087,000. Invesco Ltd. lifted its stake in shares of Figure Technology Solutions by 66.5% in the 4th quarter. Invesco Ltd. now owns 1,165,385 shares of the company’s stock valued at $47,594,000 after acquiring an additional 465,606 shares during the last quarter. Finally, Alpine Woods Capital Investors LLC purchased a new stake in Figure Technology Solutions during the 4th quarter valued at about $1,897,000.

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.