Figure Technology Solutions (NASDAQ:FIGR) Trading 7.8% Higher – Still a Buy?

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) traded up 7.8% during trading on Monday . The stock traded as high as $30.81 and last traded at $30.77. 1,102,107 shares were traded during trading, a decline of 77% from the average daily volume of 4,817,568 shares. The stock had previously closed at $28.55.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Mizuho boosted their target price on shares of Figure Technology Solutions from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. Bank of America decreased their price target on shares of Figure Technology Solutions from $34.00 to $31.00 in a research note on Thursday, April 2nd. Weiss Ratings upgraded shares of Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Sanford C. Bernstein cut their price objective on shares of Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating on the stock in a research report on Monday, March 30th. Finally, The Goldman Sachs Group decreased their target price on Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $53.62.

Figure Technology Solutions Price Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.90 and a current ratio of 1.90. The business has a 50 day simple moving average of $34.04 and a 200-day simple moving average of $39.29. The firm has a market cap of $5.54 billion and a price-to-earnings ratio of 52.41.

Figure Technology Solutions (NASDAQ:FIGR) last posted its earnings results on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The company had revenue of $166.84 million during the quarter. Equities research analysts expect that Figure Technology Solutions, Inc. will post 0.94 earnings per share for the current year.

Figure Technology Solutions announced that its board has approved a share repurchase plan on Thursday, February 26th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Director Michael Scott Cagney sold 67,840 shares of the company’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total value of $2,387,289.60. Following the completion of the sale, the director owned 67,840 shares in the company, valued at $2,387,289.60. This represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director June Ou sold 67,840 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total transaction of $2,387,289.60. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 471,337 shares of company stock worth $16,680,183. Company insiders own 26.60% of the company’s stock.

Hedge Funds Weigh In On Figure Technology Solutions

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. purchased a new position in Figure Technology Solutions in the third quarter valued at about $15,529,000. Fidelity National Financial Inc. bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $9,092,000. Orland Properties Ltd bought a new stake in shares of Figure Technology Solutions in the 3rd quarter worth approximately $319,187,000. Pictet Asset Management Holding SA lifted its stake in Figure Technology Solutions by 69.7% in the fourth quarter. Pictet Asset Management Holding SA now owns 67,893 shares of the company’s stock valued at $2,773,000 after purchasing an additional 27,893 shares during the last quarter. Finally, Vanguard Group Inc. bought a new position in Figure Technology Solutions during the third quarter valued at $91,751,000.

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.