Figure Technology Solutions (NASDAQ:FIGR) Sets New 52-Week Low – Here’s Why

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price hit a new 52-week low on Friday. The stock traded as low as $21.51 and last traded at $22.81, with a volume of 370,636 shares. The stock had previously closed at $23.59.

Analysts Set New Price Targets

A number of analysts have commented on FIGR shares. Zacks Research raised shares of Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Bank of America reiterated a “neutral” rating and issued a $44.00 price target on shares of Figure Technology Solutions in a report on Monday, October 5th. Needham & Company LLC restated a “buy” rating on shares of Figure Technology Solutions in a report on Wednesday, October 7th. Freedom Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, October 15th. Finally, Weiss Ratings cut shares of Figure Technology Solutions from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, September 11th. Four equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $53.57.

Figure Technology Solutions Trading Down 6.5%

The stock’s fifty day simple moving average is $31.35 and its 200-day simple moving average is $34.65. 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 firm has a market cap of $4.10 billion and a PE ratio of 23.81.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.35 earnings per share 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 business had revenue of $218.45 million during the quarter. On average, sell-side analysts forecast that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current year.

Insider Buying and Selling at Figure Technology Solutions

In related news, CFO Minchung Kgil sold 8,000 shares of Figure Technology Solutions stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $38.69, for a total value of $309,520.00. Following the completion of the sale, the chief financial officer owned 483,651 shares in the company, valued at approximately $18,712,457.19. This trade represents a 1.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the sale, the insider owned 376,599 shares in the company, valued at $11,817,676.62. This trade represents a 11.23% decrease in their ownership of the stock. 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 the last quarter, insiders have sold 59,650 shares of company stock worth $1,924,897. Insiders own 26.60% of the company’s stock.

Institutional Investors Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently made changes to their positions in FIGR. Brooklands Fund Management Ltd purchased a new position in shares of Figure Technology Solutions during the third quarter worth about $24,600,000. Maplelane Capital LLC purchased a new position in shares of Figure Technology Solutions during the first quarter worth approximately $23,120,000. Hiddenite Capital Partners LP acquired a new position in shares of Figure Technology Solutions in the 3rd quarter valued at $14,569,000. Bank of New York Mellon Corp purchased a new stake in Figure Technology Solutions in the 2nd quarter valued at $10,875,000. Finally, Granahan Investment Management LLC grew its position in Figure Technology Solutions by 40.6% during the 1st quarter. Granahan Investment Management LLC now owns 935,400 shares of the company’s stock worth $31,757,000 after purchasing an additional 269,882 shares during the last quarter.

Figure Technology Solutions Company Profile

Figure Technology Solutions, Inc is a financial technology company that develops technology-enabled lending and financial services products. The company uses artificial intelligence, blockchain and data-driven underwriting tools to streamline the origination, servicing and management of loans and other financial transactions.

Figure’s platform has supported products including home equity lines of credit, mortgage-related lending and personal loans. Its technology is designed to automate traditionally paper-intensive processes, improve transaction speed and provide digital tools for borrowers, lenders and other financial institutions.

Founded in 2018, Figure is headquartered in the United States and primarily serves the U.S.