Figure Technology Solutions (NASDAQ:FIGR) Cut to Hold at Zacks Research

Figure Technology Solutions (NASDAQ:FIGR) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other equities analysts also recently commented on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Figure Technology Solutions from $45.00 to $37.00 and set an “outperform” rating on the stock in a research note on Monday. The Goldman Sachs Group set a $41.00 price target on shares of Figure Technology Solutions in a research note on Wednesday, October 7th. Needham & Company LLC reiterated a “buy” rating on shares of Figure Technology Solutions in a report on Wednesday, October 7th. Bank of America reissued a “neutral” rating and issued a $44.00 price objective on shares of Figure Technology Solutions in a research note on Monday, October 5th. Finally, Piper Sandler reduced their price objective on Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Figure Technology Solutions presently has an average rating of “Moderate Buy” and a consensus target price of $52.43.

Figure Technology Solutions Stock Down 4.8%

Shares of FIGR opened at $23.34 on Monday. The firm has a fifty day moving average price of $28.90 and a 200-day moving average price of $33.01. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $4.33 billion, a P/E ratio of 25.10, a P/E/G ratio of 0.37 and a beta of 0.94. Figure Technology Solutions has a 12-month low of $19.54 and a 12-month high of $78.00.

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

Insider Activity

In other news, CFO Minchung Kgil sold 8,000 shares of the business’s stock in a transaction dated 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 owned 483,651 shares in the company, valued at approximately $18,712,457.19. The trade was a 1.63% decrease in their position. 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 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 position. 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 own 26.60% of the company’s stock.

Institutional Trading of Figure Technology Solutions

Hedge funds have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC purchased a new position in shares of Figure Technology Solutions in the 2nd quarter valued at $47,000. WPG Advisers LLC raised its position in shares of Figure Technology Solutions by 98.5% in the 3rd quarter. WPG Advisers LLC now owns 1,640 shares of the company’s stock worth $47,000 after acquiring an additional 814 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Figure Technology Solutions by 176.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,690 shares of the company’s stock worth $49,000 after purchasing an additional 1,079 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Figure Technology Solutions by 157.4% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,974 shares of the company’s stock worth $57,000 after purchasing an additional 1,207 shares during the last quarter. Finally, State of Wyoming boosted its position in Figure Technology Solutions by 14.8% during the first quarter. State of Wyoming now owns 3,864 shares of the company’s stock valued at $131,000 after purchasing an additional 498 shares in the last quarter.

Figure Technology Solutions Company Profile

Figure Technology Solutions is a financial technology company that develops blockchain-based platforms for lending and capital markets. Its technology is designed to digitize and streamline financial transactions, including loan origination and the trading of financial assets. The company’s offerings include home equity financing and technology for financial institutions and other lending partners. Figure also operates digital marketplaces and provides services supporting the issuance and transfer of assets on the Provenance Blockchain.