Figure Technology Solutions (NASDAQ:FIGR) Trading 7.7% Higher – Time to Buy?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) shares shot up 7.7% during trading on Tuesday . The company traded as high as $29.43 and last traded at $29.1420. 2,406,166 shares changed hands during trading, a decline of 50% from the average daily volume of 4,844,437 shares. The stock had previously closed at $27.07.

Analysts Set New Price Targets

FIGR has been the subject of a number of recent analyst reports. Zacks Research upgraded Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 14th. Bank of America decreased their target price on Figure Technology Solutions from $34.00 to $31.00 in a research report on Thursday, April 2nd. Mizuho upped their price target on shares of Figure Technology Solutions from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 price objective on shares of Figure Technology Solutions in a report on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Figure Technology Solutions from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.62.

Figure Technology Solutions Stock Up 12.8%

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 company has a fifty day simple moving average of $33.15 and a two-hundred day simple moving average of $38.83. The firm has a market capitalization of $5.58 billion and a PE ratio of 52.48.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings data on Monday, May 11th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. The firm had revenue of $166.84 million during the quarter. Analysts forecast that Figure Technology Solutions, Inc. will post 0.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Michael Scott Cagney sold 35,190 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $38.20, for a total value of $1,344,258.00. Following the completion of the sale, the director owned 35,190 shares of the company’s stock, valued at approximately $1,344,258. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 4,000 shares of Figure Technology Solutions stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $27.64, for a total transaction of $110,560.00. Following the transaction, the chief financial officer directly owned 503,651 shares in the company, valued at approximately $13,920,913.64. The trade was a 0.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 475,337 shares of company stock worth $16,790,743. 26.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Figure Technology Solutions

Hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new position in Figure Technology Solutions in the fourth quarter valued at about $25,000. Strs Ohio purchased a new stake in shares of Figure Technology Solutions during the fourth quarter valued at about $34,000. MetLife Investment Management LLC bought a new stake in shares of Figure Technology Solutions in the 4th quarter valued at about $35,000. WPG Advisers LLC grew its position in shares of Figure Technology Solutions by 71.1% in the 1st quarter. WPG Advisers LLC now owns 934 shares of the company’s stock worth $32,000 after buying an additional 388 shares during the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Figure Technology Solutions in the 4th quarter worth approximately $40,000.

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.