Figure Technology Solutions (NASDAQ:FIGR) Upgraded by Bank of America to “Neutral” Rating

Figure Technology Solutions (NASDAQ:FIGR) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report released on Wednesday, MarketBeat Ratings reports. The firm presently has a $49.00 price target on the stock. Bank of America‘s target price points to a potential upside of 28.07% from the company’s current price.

Several other equities analysts have also issued reports on the company. Mizuho upped their target price on Figure Technology Solutions from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, May 14th. Piper Sandler dropped their price target 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. Zacks Research raised Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Sanford C. Bernstein raised their target price on Figure Technology Solutions from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen upgraded Figure Technology Solutions from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Figure Technology Solutions currently has an average rating of “Moderate Buy” and an average target price of $52.88.

Figure Technology Solutions Stock Up 6.4%

Figure Technology Solutions stock opened at $38.26 on Wednesday. Figure Technology Solutions has a fifty-two week low of $24.11 and a fifty-two week high of $78.00. The stock has a market cap of $7.10 billion and a PE ratio of 41.14. The firm’s 50-day simple moving average is $32.16 and its 200 day simple moving average is $32.74. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.86 and a current ratio of 1.86.

Figure Technology Solutions (NASDAQ:FIGR) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $218.45 million during the quarter. Research analysts predict that Figure Technology Solutions will post 1.18 EPS for the current fiscal year.

Insider Buying and Selling at Figure Technology Solutions

In other news, CFO Minchung Kgil sold 9,117 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $30.06, for a total transaction of $274,057.02. Following the transaction, the chief financial officer owned 507,651 shares of the company’s stock, valued at $15,259,989.06. This represents a 1.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Stevens sold 47,650 shares of Figure Technology Solutions stock in a transaction dated Friday, August 14th. The stock was 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 directly owned 376,599 shares of the company’s stock, valued at approximately $11,817,676.62. This trade represents 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. Over the last three months, insiders have sold 80,767 shares of company stock valued at $2,542,154. 26.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Figure Technology Solutions

Several institutional investors have recently added to or reduced their stakes in FIGR. Engineers Gate Manager LP bought a new position in Figure Technology Solutions during the second quarter worth about $3,398,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Figure Technology Solutions during the 2nd quarter valued at approximately $47,000. Arizona State Retirement System bought a new position in Figure Technology Solutions in the 2nd quarter worth approximately $278,000. Waverly Advisors LLC boosted its holdings in Figure Technology Solutions by 78.1% in the 2nd quarter. Waverly Advisors LLC now owns 53,089 shares of the company’s stock worth $1,630,000 after buying an additional 23,277 shares during the period. Finally, Corient Private Wealth LP grew its stake in Figure Technology Solutions by 22.1% in the 2nd quarter. Corient Private Wealth LP now owns 80,728 shares of the company’s stock valued at $2,479,000 after buying an additional 14,607 shares in the last quarter.

Figure Technology Solutions Company Profile

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.