Figure Technology Solutions (NASDAQ:FIGR) Trading Down 9.2% – What’s Next?

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price dropped 9.2% during trading on Thursday . The company traded as low as $32.65 and last traded at $32.39. Approximately 727,657 shares traded hands during trading, a decline of 86% from the average daily volume of 5,325,819 shares. The stock had previously closed at $35.67.

Wall Street Analysts Forecast Growth

FIGR has been the subject of a number of research reports. Bank of America lowered Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price target for the company. in a research note on Tuesday, February 3rd. Texas Capital raised Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, January 29th. Zacks Research raised Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 14th. Sanford C. Bernstein decreased their target price on Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating for the company in a research report on Monday, March 30th. Finally, Weiss Ratings downgraded Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.75.

Figure Technology Solutions Trading Down 10.3%

The firm has a market cap of $5.68 billion and a price-to-earnings ratio of 79.70. 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 company has a fifty day moving average price of $33.48 and a 200-day moving average price of $40.93.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The company had revenue of $157.63 million during the quarter, compared to the consensus estimate of $158.00 million. The firm’s revenue was up 90.7% on a year-over-year basis. As a group, research analysts expect that Figure Technology Solutions, Inc. will post 0.93 EPS for the current year.

Figure Technology Solutions declared that its Board of Directors has approved a share repurchase plan on Thursday, February 26th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to buy up to 3.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Figure Technology Solutions

In other news, Director Sachin Chand Jaitly sold 216,713 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total value of $7,290,225.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director June Ou sold 67,840 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $35.19, for a total value of $2,387,289.60. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 428,158 shares of company stock worth $14,490,279 over the last three months.

Institutional Investors Weigh In On Figure Technology Solutions

Large investors have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new stake in shares of Figure Technology Solutions in the fourth quarter valued at approximately $25,000. Strs Ohio purchased a new stake in shares of Figure Technology Solutions in the fourth quarter valued at approximately $34,000. MetLife Investment Management LLC purchased a new stake in shares of Figure Technology Solutions in the fourth quarter valued at approximately $35,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Figure Technology Solutions in the fourth quarter valued at approximately $40,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Figure Technology Solutions in the fourth quarter valued at approximately $41,000.

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.