Figure Technology Solutions (NASDAQ:FIGR) Upgraded to Strong-Buy at Freedom Broker

Figure Technology Solutions (NASDAQ:FIGR) was upgraded by investment analysts at Freedom Broker to a “strong-buy” rating in a research note issued on Thursday, Zacks reports.

A number of other research firms have also recently commented on FIGR. Needham & Company LLC restated a “buy” rating on shares of Figure Technology Solutions in a research report on Wednesday, October 7th. Wall Street Zen upgraded Figure Technology Solutions from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Piper Sandler decreased their target price on Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods lowered their price target on Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating for the company in a report on Monday, July 13th. Finally, Bank of America restated a “neutral” rating and issued a $44.00 price target on shares of Figure Technology Solutions in a report on Monday, October 5th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $53.57.

Figure Technology Solutions Stock Up 10.5%

Shares of NASDAQ:FIGR opened at $27.67 on Thursday. The company has a 50 day moving average price of $32.96 and a two-hundred day moving average price of $32.50. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.86 and a current ratio of 1.86. The company has a market capitalization of $5.14 billion and a PE ratio of 29.75. Figure Technology Solutions has a 52 week low of $24.10 and a 52 week high of $78.00.

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

Insider Buying and Selling at Figure Technology Solutions

In other news, insider David Stevens sold 47,650 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $31.38, for a total transaction of $1,495,257.00. Following the completion of the sale, the insider owned 376,599 shares of the company’s stock, valued at $11,817,676.62. This represents a 11.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 8,000 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $38.69, for a total transaction of $309,520.00. Following the sale, the chief financial officer owned 483,651 shares in the company, valued at approximately $18,712,457.19. The trade was a 1.63% 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. Insiders have sold 63,650 shares of company stock valued at $2,037,417 in the last three months. 26.60% of the stock is owned by insiders.

Institutional Trading of Figure Technology Solutions

Hedge funds and other institutional investors have recently modified their holdings of the company. Maplelane Capital LLC bought a new stake in shares of Figure Technology Solutions in the first quarter valued at about $23,120,000. Bank of New York Mellon Corp bought a new position in shares of Figure Technology Solutions during the second quarter worth about $10,875,000. Granahan Investment Management LLC grew its holdings in shares of Figure Technology Solutions by 40.6% during the first quarter. Granahan Investment Management LLC now owns 935,400 shares of the company’s stock worth $31,757,000 after buying an additional 269,882 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in Figure Technology Solutions in the 1st quarter valued at approximately $8,125,000. Finally, Whetstone Capital Advisors LLC acquired a new stake in Figure Technology Solutions in the 2nd quarter valued at approximately $6,939,000.

About Figure Technology Solutions

Figure Technology Solutions, Inc is a financial technology company that develops blockchain- and artificial intelligence-enabled solutions for lending and financial services. The company’s technology is designed to support the origination, servicing, financing and trading of financial assets through more efficient digital processes.

Figure’s business activities have included home equity lending, personal lending, mortgage-related services and financial asset marketplaces. Its platform has also been used to facilitate the issuance and transfer of loans and other financial products, with blockchain technology intended to improve transparency, settlement and recordkeeping.

The company was founded by Mike Cagney, who previously co-founded Social Finance, Inc (SoFi), and Figure has operated primarily in the United States.