Figure Technology Solutions (NASDAQ:FIGR) Shares Down 8.6% – Here’s What Happened

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) fell 8.6% during mid-day trading on Wednesday . The company traded as low as $38.55 and last traded at $37.6020. Approximately 420,517 shares changed hands during trading, a decline of 91% from the average daily volume of 4,593,800 shares. The stock had previously closed at $41.14.

Analyst Ratings Changes

A number of research firms recently weighed in on FIGR. Weiss Ratings raised Figure Technology Solutions from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday. Sanford C. Bernstein upped their target price on Figure Technology Solutions from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Mizuho increased their target price on Figure Technology Solutions from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Zacks Research upgraded shares of Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $55.00 price objective on shares of Figure Technology Solutions in a report on Thursday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Figure Technology Solutions presently has a consensus rating of “Moderate Buy” and an average target price of $50.62.

Figure Technology Solutions Stock Performance

The company has a 50-day moving average of $30.54 and a 200-day moving average of $32.82. The company has a market cap of $6.92 billion and a PE ratio of 40.08. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.22.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.35 EPS 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. As a group, analysts anticipate that Figure Technology Solutions, Inc. will post 1.18 earnings per share for the current year.

Insider Activity

In related news, CFO Minchung Kgil sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $30.03, for a total transaction of $120,120.00. Following the transaction, the chief financial officer directly owned 491,651 shares of the company’s stock, valued at $14,764,279.53. This trade represents a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Todd Stevens sold 47,650 shares of the company’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 completion of the sale, the insider directly owned 376,599 shares of the company’s stock, valued at $11,817,676.62. The trade was a 11.23% 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. In the last quarter, insiders sold 72,767 shares of company stock valued at $2,232,634. 26.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new stake in shares of Figure Technology Solutions during the 4th quarter valued at $25,000. WPG Advisers LLC grew its position in Figure Technology Solutions by 71.1% during the first quarter. WPG Advisers LLC now owns 934 shares of the company’s stock valued at $32,000 after buying an additional 388 shares during the period. Strs Ohio bought a new position in Figure Technology Solutions during the fourth quarter valued at about $34,000. MetLife Investment Management LLC purchased a new stake in Figure Technology Solutions during the fourth quarter worth about $35,000. Finally, Johnson Financial Group Inc. bought a new stake in Figure Technology Solutions in the fourth quarter worth about $41,000.

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.