Figure Technology Solutions (NASDAQ:FIGR) Shares Up 3.7% – Should You Buy?

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) shot up 3.7% on Wednesday. The company traded as high as $28.38 and last traded at $28.36. 642,269 shares changed hands during trading, a decline of 86% from the average daily volume of 4,603,698 shares. The stock had previously closed at $27.35.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Keefe, Bruyette & Woods dropped their price objective 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. Weiss Ratings downgraded shares of Figure Technology Solutions from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, September 11th. The Goldman Sachs Group set a $41.00 price objective on Figure Technology Solutions in a report on Wednesday. Zacks Research upgraded Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Finally, Piper Sandler lowered their price target on Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Figure Technology Solutions has a consensus rating of “Moderate Buy” and an average price target of $53.57.

Figure Technology Solutions Stock Performance

The stock has a market cap of $5.19 billion and a P/E ratio of 30.03. The stock has a 50 day simple moving average of $32.87 and a 200 day simple moving average of $32.75. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.22.

Figure Technology Solutions (NASDAQ:FIGR) last issued its earnings results on Thursday, August 13th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11. The firm had revenue of $218.45 million for the quarter. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%. On average, equities analysts expect that Figure Technology Solutions, Inc. will post 1.2 earnings per share for the current year.

Insider Activity

In other Figure Technology Solutions news, CFO Minchung Kgil sold 8,000 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $38.69, for a total value of $309,520.00. Following the completion of the sale, the chief financial officer directly owned 483,651 shares in the company, valued at approximately $18,712,457.19. This trade represents a 1.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Stevens sold 47,650 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $31.38, for a total value of $1,495,257.00. Following the transaction, the insider directly owned 376,599 shares in the company, 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 three months, insiders sold 63,650 shares of company stock valued at $2,037,417. Insiders own 26.60% of the company’s stock.

Hedge Funds Weigh In On Figure Technology Solutions

A number of hedge funds and other institutional investors have recently modified their holdings of the business. 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. Integrated Wealth Concepts LLC bought a new position in shares of Figure Technology Solutions in the second quarter worth $47,000. State of Wyoming grew its holdings in Figure Technology Solutions by 14.8% during the 1st quarter. State of Wyoming now owns 3,864 shares of the company’s stock valued at $131,000 after buying an additional 498 shares in the last quarter. Fifth Third Bancorp bought a new stake in Figure Technology Solutions during the 1st quarter worth approximately $133,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Figure Technology Solutions by 51.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,128 shares of the company’s stock worth $174,000 after buying an additional 1,749 shares in the last quarter.

Figure Technology Solutions Company Profile

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.