Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 7.5% – Time to Sell?

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price was down 7.5% during trading on Wednesday . The stock traded as low as $31.82 and last traded at $31.7990. Approximately 354,518 shares traded hands during trading, a decline of 93% from the average daily volume of 5,198,589 shares. The stock had previously closed at $34.36.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Weiss Ratings downgraded shares of Figure Technology Solutions from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, April 24th. Mizuho cut their target price on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a research note on Thursday, March 26th. Sanford C. Bernstein decreased their price target on Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating for the company in a research note on Monday, March 30th. Finally, The Goldman Sachs Group lowered their price objective on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.75.

Figure Technology Solutions Price Performance

The stock has a market capitalization of $6.38 billion and a P/E ratio of 87.75. The company has a 50 day moving average of $33.28 and a 200-day moving average of $40.46. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.19.

Figure Technology Solutions (NASDAQ:FIGR) last issued its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The business had revenue of $157.63 million for the quarter, compared to the consensus estimate of $158.00 million. The business’s revenue was up 90.7% compared to the same quarter last year. Sell-side analysts predict that Figure Technology Solutions, Inc. will post 0.93 EPS for the current year.

Figure Technology Solutions announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to buy up to 3.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Michael Benjamin Tannenbaum sold 127,369 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $33.35, for a total transaction of $4,247,756.15. Following the completion of the transaction, the chief executive officer directly owned 3,250,466 shares of the company’s stock, valued at approximately $108,403,041.10. This represents a 3.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. Also, Director Michael Scott Cagney sold 67,840 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $35.19, for a total value of $2,387,289.60. Following the sale, the director owned 67,840 shares in the company, valued at $2,387,289.60. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 620,352 shares of company stock valued at $20,812,730 over the last 90 days.

Hedge Funds Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently modified their holdings of the company. Voya Investment Management LLC bought a new position in shares of Figure Technology Solutions during the third quarter worth about $721,000. Blue Trust Inc. bought a new stake in Figure Technology Solutions in the 3rd quarter valued at about $64,000. Hennessy Advisors Inc. acquired a new position in Figure Technology Solutions during the 3rd quarter valued at about $255,000. CWA Asset Management Group LLC bought a new position in Figure Technology Solutions in the 3rd quarter worth about $1,412,000. Finally, Emerald Mutual Fund Advisers Trust bought a new position in Figure Technology Solutions in the 3rd quarter worth about $1,013,000.

Figure Technology Solutions Company Profile

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.