Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 6.9% – Here’s What Happened

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) were down 6.9% during trading on Monday. The stock traded as low as $29.77 and last traded at $29.69. Approximately 3,242,365 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 4,608,175 shares. The stock had previously closed at $31.90.

Analyst Upgrades and Downgrades

FIGR has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Figure Technology Solutions from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 target price on shares of Figure Technology Solutions in a research report on Thursday, August 20th. Keefe, Bruyette & Woods decreased their price target on Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a research note on Monday, July 13th. Bank of America raised Figure Technology Solutions from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $31.00 to $49.00 in a report on Wednesday, September 9th. Finally, Piper Sandler decreased their target price on shares of Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.88.

Figure Technology Solutions Stock Performance

The firm has a fifty day moving average of $32.91 and a 200-day moving average of $32.98. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $5.44 billion and a price-to-earnings ratio of 31.51.

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. The company had revenue of $218.45 million for the quarter. Figure Technology Solutions had a return on equity of 18.90% and a net margin of 33.45%. As a group, sell-side analysts anticipate that Figure Technology Solutions, Inc. will post 1.2 EPS for the current year.

Insider Transactions at Figure Technology Solutions

In other news, insider David Stevens sold 47,650 shares of the 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 sale, the insider directly owned 376,599 shares in the company, valued at $11,817,676.62. This represents a 11.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Minchung Kgil sold 8,000 shares of the firm’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 of the company’s stock, valued at approximately $18,712,457.19. This trade represents a 1.63% decrease in their ownership of the stock. 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 sold 63,650 shares of company stock worth $2,037,417. 26.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Figure Technology Solutions

Several hedge funds have recently bought and sold shares of FIGR. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Figure Technology Solutions during the fourth quarter valued at $5,041,000. Quantinno Capital Management LP purchased a new position in Figure Technology Solutions in the 1st quarter valued at about $1,098,000. Temasek Holdings Private Ltd purchased a new position in Figure Technology Solutions in the 1st quarter valued at about $1,415,000. Principal Financial Group Inc. acquired a new stake in shares of Figure Technology Solutions during the 1st quarter worth about $8,125,000. Finally, Norges Bank purchased a new stake in shares of Figure Technology Solutions during the fourth quarter worth about $32,672,000.

About Figure Technology Solutions

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.