Figure Technology Solutions (NASDAQ:FIGR) Releases Earnings Results, Misses Expectations By $0.07 EPS

Figure Technology Solutions (NASDAQ:FIGR) posted its quarterly earnings data on Thursday. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07), Zacks reports.

Figure Technology Solutions Stock Down 1.8%

Shares of NASDAQ FIGR traded down $0.62 during midday trading on Thursday, hitting $34.04. The stock had a trading volume of 5,404,524 shares, compared to its average volume of 4,912,833. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.17. Figure Technology Solutions has a 1-year low of $28.37 and a 1-year high of $78.00. The company has a market cap of $5.99 billion and a P/E ratio of 100.12. The business has a fifty day moving average of $48.46.

Analyst Upgrades and Downgrades

Several analysts have commented on FIGR shares. Texas Capital raised shares of Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, January 29th. Piper Sandler lifted their price objective on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Bank of America lowered Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 target price for the company. in a research note on Tuesday, February 3rd. Keefe, Bruyette & Woods raised Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Finally, Mizuho upped their price objective on shares of Figure Technology Solutions from $47.00 to $56.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Figure Technology Solutions has a consensus rating of “Moderate Buy” and an average price target of $59.50.

Insider Activity

In other news, CFO Minchung Kgil sold 32,994 shares of the stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $35.05, for a total value of $1,156,439.70. Following the completion of the sale, the chief financial officer owned 584,155 shares of the company’s stock, valued at $20,474,632.75. This represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David K. Chao bought 4,000 shares of Figure Technology Solutions stock in a transaction that occurred on Friday, December 5th. The shares were acquired at an average price of $38.26 per share, for a total transaction of $153,040.00. Following the acquisition, the director directly owned 4,000 shares in the company, valued at approximately $153,040. This represents a ? increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have sold 723,136 shares of company stock worth $27,113,723.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its position in shares of Figure Technology Solutions by 66.5% in the fourth quarter. Invesco Ltd. now owns 1,165,385 shares of the company’s stock worth $47,594,000 after buying an additional 465,606 shares during the period. Alpine Woods Capital Investors LLC purchased a new stake in shares of Figure Technology Solutions during the 4th quarter valued at about $1,897,000. Prana Capital Management LP acquired a new position in Figure Technology Solutions during the 4th quarter worth approximately $2,617,000. Quadrature Capital Ltd purchased a new position in Figure Technology Solutions in the 4th quarter worth approximately $4,022,000. Finally, Freestone Grove Partners LP grew its position in Figure Technology Solutions by 236.3% in the fourth quarter. Freestone Grove Partners LP now owns 400,000 shares of the company’s stock valued at $16,336,000 after acquiring an additional 281,051 shares in the last quarter.

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.