Figure Technology Solutions (NASDAQ:FIGR) Raised to Strong-Buy at Freedom Capital

Figure Technology Solutions (NASDAQ:FIGR) was upgraded by stock analysts at Freedom Capital to a “strong-buy” rating in a report released on Thursday, Zacks reports.

FIGR has been the topic of several other reports. Weiss Ratings downgraded Figure Technology Solutions from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, September 11th. Keefe, Bruyette & Woods lowered their target price on Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating for the company in a report on Monday, July 13th. Sanford C. Bernstein increased their price target on Figure Technology Solutions from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Piper Sandler cut their price target on Figure Technology Solutions from $75.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. Finally, Wall Street Zen upgraded Figure Technology Solutions from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Four investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $53.57.

Figure Technology Solutions Trading Down 2.0%

FIGR stock traded down $0.54 during mid-day trading on Thursday, reaching $27.13. The company had a trading volume of 4,725,687 shares, compared to its average volume of 5,121,992. The company has a market capitalization of $5.04 billion and a PE ratio of 29.17. The firm has a 50 day moving average of $32.93 and a 200 day moving average of $32.46. Figure Technology Solutions has a 12 month low of $24.10 and a 12 month high of $78.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 1.86.

Figure Technology Solutions (NASDAQ:FIGR) last posted its quarterly 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 firm had revenue of $218.45 million during the quarter. Figure Technology Solutions had a net margin of 33.45% and a return on equity of 18.90%. On average, equities analysts predict that Figure Technology Solutions will post 1.18 earnings per share for the current fiscal year.

Insider Activity at Figure Technology Solutions

In related news, insider David Stevens sold 47,650 shares of the business’s 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 completion of the transaction, the insider owned 376,599 shares of the company’s stock, valued at $11,817,676.62. The trade was a 11.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 business’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 completion of the transaction, the chief financial officer directly owned 483,651 shares of the company’s stock, valued at $18,712,457.19. This trade represents a 1.63% 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. Insiders sold a total of 63,650 shares of company stock valued at $2,037,417 in the last ninety days. Corporate insiders own 26.60% of the company’s stock.

Institutional Trading of Figure Technology Solutions

Several hedge funds and other institutional investors have recently bought and sold shares of FIGR. WPG Advisers LLC increased its holdings in shares of Figure Technology Solutions by 71.1% in the 1st quarter. WPG Advisers LLC now owns 934 shares of the company’s stock valued at $32,000 after acquiring an additional 388 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Figure Technology Solutions in the 2nd quarter worth $47,000. GAMMA Investing LLC lifted its stake in shares of Figure Technology Solutions by 176.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,690 shares of the company’s stock worth $49,000 after purchasing an additional 1,079 shares during the last quarter. State of Wyoming lifted its stake in shares of Figure Technology Solutions by 14.8% during the 1st quarter. State of Wyoming now owns 3,864 shares of the company’s stock worth $131,000 after purchasing an additional 498 shares during the last quarter. Finally, Fifth Third Bancorp purchased a new stake in shares of Figure Technology Solutions during the 1st quarter worth $133,000.

Figure Technology Solutions Company Profile

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.