Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 8.6% on Insider Selling

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) fell 8.6% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $38.55 and last traded at $37.6020. 420,517 shares changed hands during trading, a decline of 91% from the average session volume of 4,593,800 shares. The stock had previously closed at $41.14.

Specifically, CFO Minchung Kgil sold 8,000 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $38.69, for a total value of $309,520.00. Following the completion of the transaction, the chief financial officer directly owned 483,651 shares in the company, valued at $18,712,457.19. This trade represents a 1.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wall Street Zen upgraded Figure Technology Solutions from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Needham & Company LLC reissued a “buy” rating and set a $55.00 price target on shares of Figure Technology Solutions in a research report on Thursday, August 20th. Sanford C. Bernstein lifted their price objective on shares of Figure Technology Solutions from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Keefe, Bruyette & Woods dropped their price objective on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a report on Monday, July 13th. Finally, Mizuho increased their price objective on shares of Figure Technology Solutions from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.62.

Figure Technology Solutions Stock Performance

The firm has a fifty day moving average of $30.93 and a 200 day moving average of $32.78. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 1.86. The stock has a market capitalization of $7.06 billion and a price-to-earnings ratio of 40.88.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%.The company had revenue of $218.45 million during the quarter. On average, sell-side analysts anticipate that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Figure Technology Solutions

Several institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in Figure Technology Solutions during the fourth quarter worth $25,000. WPG Advisers LLC grew its position in Figure Technology Solutions by 71.1% during the first quarter. WPG Advisers LLC now owns 934 shares of the company’s stock valued at $32,000 after buying an additional 388 shares during the period. Strs Ohio purchased a new position in Figure Technology Solutions in the fourth quarter valued at $34,000. MetLife Investment Management LLC acquired a new position in shares of Figure Technology Solutions in the fourth quarter worth about $35,000. Finally, Johnson Financial Group Inc. acquired a new position in shares of Figure Technology Solutions in the fourth quarter worth about $41,000.

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.