Figure Technology Solutions (NASDAQ:FIGR) Trading Down 5% – Time to Sell?

Figure Technology Solutions, Inc. (NASDAQ:FIGR) shares dropped 5% during trading on Tuesday . The company traded as low as $42.96 and last traded at $42.96. Approximately 367,605 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,984,878 shares. The stock had previously closed at $45.21.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FIGR. Jefferies Financial Group initiated coverage on Figure Technology Solutions in a report on Monday, October 6th. They issued a “hold” rating and a $40.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $51.00 target price on shares of Figure Technology Solutions in a research report on Monday, November 17th. Piper Sandler increased their price target on shares of Figure Technology Solutions from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, November 17th. Zacks Research raised shares of Figure Technology Solutions to a “hold” rating in a research report on Tuesday, October 7th. Finally, Sanford C. Bernstein initiated coverage on shares of Figure Technology Solutions in a research note on Monday, October 6th. They set an “outperform” rating and a $54.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.38.

Figure Technology Solutions Price Performance

The firm’s fifty day simple moving average is $38.92.

Figure Technology Solutions (NASDAQ:FIGR) last announced its quarterly earnings results on Thursday, November 13th. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.18. The firm had revenue of $156.03 million during the quarter.

Insider Activity

In other news, CEO Michael Benjamin Tannenbaum sold 90,026 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $35.12, for a total transaction of $3,161,713.12. Following the sale, the chief executive officer owned 3,641,903 shares in the company, valued at $127,903,633.36. This represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David K. Chao acquired 4,000 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The stock was purchased at an average price of $38.26 per share, with a total value of $153,040.00. Following the completion of the acquisition, the director owned 4,000 shares in the company, valued at $153,040. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 3,344,073 shares of company stock valued at $123,816,526.

Institutional Investors Weigh In On Figure Technology Solutions

Several institutional investors have recently modified their holdings of the business. Blue Trust Inc. bought a new position in Figure Technology Solutions during the 3rd quarter valued at about $64,000. SBI Securities Co. Ltd. purchased a new position in shares of Figure Technology Solutions during the third quarter valued at approximately $66,000. PNC Financial Services Group Inc. bought a new position in Figure Technology Solutions during the third quarter valued at approximately $73,000. BNP Paribas Financial Markets purchased a new stake in Figure Technology Solutions in the third quarter worth approximately $102,000. Finally, Ameritas Advisory Services LLC purchased a new stake in Figure Technology Solutions in the third quarter worth approximately $200,000.

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.