Figure Technology Solutions (NASDAQ:FIGR) Upgraded at Zacks Research

Figure Technology Solutions (NASDAQ:FIGR) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

FIGR has been the topic of a number of other reports. Bank of America cut Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective on the stock. in a report on Tuesday, February 3rd. Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Keefe, Bruyette & Woods raised shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Needham & Company LLC lowered their price objective on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a report on Friday, February 27th. Finally, Mizuho lowered their price objective on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating for the company in a report on Thursday, March 26th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.75.

Figure Technology Solutions Stock Performance

Shares of FIGR opened at $35.62 on Tuesday. The company has a market cap of $6.32 billion and a PE ratio of 89.05. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average price of $33.81 and a 200-day moving average price of $41.03. Figure Technology Solutions has a 12-month low of $25.01 and a 12-month high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The firm had revenue of $157.63 million during the quarter, compared to analysts’ expectations of $158.00 million. The firm’s quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions announced that its Board of Directors has authorized a share buyback program on Thursday, February 26th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to purchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Sachin Chand Jaitly sold 216,713 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total value of $7,290,225.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David Todd Stevens sold 49,708 shares of the firm’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $32.02, for a total value of $1,591,650.16. Following the transaction, the insider owned 436,089 shares in the company, valued at approximately $13,963,569.78. The trade was a 10.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 292,478 shares of company stock valued at $9,715,699.

Hedge Funds Weigh In On Figure Technology Solutions

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. bought a new position in Figure Technology Solutions during the 4th quarter worth approximately $935,000. WMS Group LLC bought a new stake in Figure Technology Solutions in the 4th quarter worth $300,000. Bank of Hawaii bought a new stake in Figure Technology Solutions in the 4th quarter worth $1,087,000. Invesco Ltd. grew its holdings in Figure Technology Solutions by 66.5% in the 4th quarter. Invesco Ltd. now owns 1,165,385 shares of the company’s stock worth $47,594,000 after acquiring an additional 465,606 shares during the last quarter. Finally, Alpine Woods Capital Investors LLC bought a new stake in Figure Technology Solutions in the 4th quarter worth $1,897,000.

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.