Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 10.2% on Insider Selling

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price traded down 10.2% on Monday following insider selling activity. The stock traded as low as $38.79 and last traded at $38.8570. 2,645,664 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 5,118,475 shares. The stock had previously closed at $43.28.

Specifically, Director Michael Scott Cagney sold 35,190 shares of Figure Technology Solutions stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $38.20, for a total value of $1,344,258.00. Following the completion of the transaction, the director directly owned 35,190 shares of the company’s stock, valued at $1,344,258. This trade represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director June Ou sold 35,190 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $38.20, for a total transaction of $1,344,258.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other news, insider David Todd Stevens sold 47,064 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $42.35, for a total transaction of $1,993,160.40. Following the sale, the insider directly owned 406,051 shares in the company, valued at approximately $17,196,259.85. This represents a 10.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

Several research firms recently commented on FIGR. Texas Capital upgraded Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Bank of America lowered their price objective on Figure Technology Solutions from $34.00 to $31.00 in a research note on Thursday, April 2nd. Sanford C. Bernstein dropped their target price on Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating for the company in a report on Monday, March 30th. Weiss Ratings lowered Figure Technology Solutions from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, April 24th. Finally, Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, February 19th. Two equities research 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.63.

Figure Technology Solutions Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.20. The stock has a market capitalization of $7.00 billion and a PE ratio of 96.37. The firm has a fifty day moving average price of $34.97 and a two-hundred day moving average price of $40.35.

Figure Technology Solutions (NASDAQ:FIGR) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The business had revenue of $166.84 million for the quarter. Research analysts expect that Figure Technology Solutions, Inc. will post 0.94 EPS for the current year.

Figure Technology Solutions announced that its Board of Directors has initiated a share buyback plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FIGR. Orland Properties Ltd purchased a new position in Figure Technology Solutions in the 3rd quarter worth about $319,187,000. J Digital 6 LLC boosted its position in Figure Technology Solutions by 9.1% in the 4th quarter. J Digital 6 LLC now owns 3,276,587 shares of the company’s stock valued at $133,816,000 after buying an additional 274,145 shares during the period. Vanguard Group Inc. boosted its position in Figure Technology Solutions by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company’s stock valued at $121,493,000 after buying an additional 452,136 shares during the period. Duquesne Family Office LLC bought a new position in Figure Technology Solutions in the 3rd quarter worth about $76,989,000. Finally, Fred Alger Management LLC purchased a new position in shares of Figure Technology Solutions during the fourth quarter worth 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.