Figure Technology Solutions (NASDAQ:FIGR) Stock Bumped Up to “Strong-Buy” by Freedom Capital

Freedom Capital upgraded shares of Figure Technology Solutions (NASDAQ:FIGR) to a strong-buy rating in a research report released on Thursday morning,Zacks reports.

Several other equities research analysts have also issued reports on FIGR. Wall Street Zen raised shares of Figure Technology Solutions from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Sanford C. Bernstein upped their price target on Figure Technology Solutions from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Weiss Ratings cut Figure Technology Solutions from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, September 11th. Bank of America reissued a “neutral” rating and issued a $44.00 price target on shares of Figure Technology Solutions in a research note on Monday, October 5th. Finally, The Goldman Sachs Group set a $41.00 price objective on shares of Figure Technology Solutions in a report on Wednesday, October 7th. Four analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $53.57.

Figure Technology Solutions Stock Performance

Shares of NASDAQ FIGR traded down $0.54 during midday trading on Thursday, reaching $27.13. 4,725,687 shares of the stock were exchanged, compared to its average volume of 5,121,992. The firm has a market cap of $5.04 billion and a price-to-earnings ratio of 29.17. Figure Technology Solutions has a twelve month low of $24.10 and a twelve month high of $78.00. The firm has a 50-day simple moving average of $32.93 and a two-hundred day simple moving average of $32.46. 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 posted its earnings results on Thursday, August 13th. The company reported $0.35 earnings per share for the quarter, beating 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 firm had revenue of $218.45 million during the quarter. As a group, analysts anticipate that Figure Technology Solutions will post 1.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Minchung Kgil sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $38.69, for a total transaction of $309,520.00. Following the transaction, the chief financial officer directly owned 483,651 shares in the company, valued at $18,712,457.19. The trade was a 1.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 shares were sold at an average price of $31.38, for a total value of $1,495,257.00. Following the completion of the sale, the insider owned 376,599 shares of the company’s stock, valued at $11,817,676.62. This trade represents a 11.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 63,650 shares of company stock worth $2,037,417 over the last three months. Corporate insiders own 26.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FIGR. Granahan Investment Management LLC grew its holdings in shares of Figure Technology Solutions by 40.6% during the 1st quarter. Granahan Investment Management LLC now owns 935,400 shares of the company’s stock worth $31,757,000 after purchasing an additional 269,882 shares during the period. Maplelane Capital LLC acquired a new stake in Figure Technology Solutions in the 1st quarter valued at approximately $23,120,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. increased its holdings in Figure Technology Solutions by 13.6% in the 1st quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. now owns 446,481 shares of the company’s stock valued at $15,158,000 after purchasing an additional 53,434 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Figure Technology Solutions in the 2nd quarter valued at approximately $10,875,000. Finally, Wellington Management Group LLP raised its position in Figure Technology Solutions by 26.5% in the second quarter. Wellington Management Group LLP now owns 277,624 shares of the company’s stock valued at $8,526,000 after purchasing an additional 58,100 shares during the period.

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.