Figure Technology Solutions (NASDAQ:FIGR) Issues Earnings Results

Figure Technology Solutions (NASDAQ:FIGR) released its earnings results on Monday. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01, FiscalAI reports. The company had revenue of $166.84 million during the quarter.

Figure Technology Solutions Price Performance

Shares of Figure Technology Solutions stock traded up $2.47 on Tuesday, hitting $41.44. 3,050,800 shares of the company traded hands, compared to its average volume of 5,043,350. The business has a 50-day simple moving average of $33.91 and a 200 day simple moving average of $40.30. Figure Technology Solutions has a 52 week low of $25.01 and a 52 week high of $78.00. The stock has a market capitalization of $7.53 billion and a P/E ratio of 101.85. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.20 and a current ratio of 2.20.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Mizuho dropped their target price on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a research note on Thursday, March 26th. Texas Capital raised shares of Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Piper Sandler raised their price objective on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Sanford C. Bernstein decreased their target price on shares of Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating on the stock in a report on Monday, March 30th. Finally, 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 report on Tuesday, February 3rd. Two 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 given a Sell rating to the stock. Based on data from MarketBeat.com, Figure Technology Solutions presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.75.

Figure Technology Solutions announced that its board has initiated a stock repurchase plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Figure Technology Solutions news, Director Michael Scott Cagney sold 67,840 shares of the business’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total transaction of $2,387,289.60. Following the transaction, the director owned 67,840 shares in the company, valued at $2,387,289.60. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Benjamin Tannenbaum sold 56,825 shares of the stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $31.97, for a total transaction of $1,816,695.25. Following the sale, the chief executive officer directly owned 3,193,641 shares of the company’s stock, valued at approximately $102,100,702.77. The trade was a 1.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 620,352 shares of company stock valued at $20,812,730 in the last three months. Corporate insiders own 26.60% of the company’s stock.

Institutional Investors Weigh In On Figure Technology Solutions

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Orland Properties Ltd purchased a new stake in Figure Technology Solutions during the 3rd quarter worth about $319,187,000. J Digital 6 LLC grew its position in Figure Technology Solutions by 9.1% in the fourth quarter. J Digital 6 LLC now owns 3,276,587 shares of the company’s stock valued at $133,816,000 after acquiring an additional 274,145 shares in the last quarter. Vanguard Group Inc. grew its position in Figure Technology Solutions by 17.9% in the fourth quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company’s stock valued at $121,493,000 after acquiring an additional 452,136 shares in the last quarter. Duquesne Family Office LLC acquired a new stake in Figure Technology Solutions in the third quarter valued at approximately $76,989,000. Finally, Fred Alger Management LLC acquired a new position in shares of Figure Technology Solutions in the 4th quarter valued at approximately $67,386,000.

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.