Figure Technology Solutions (NASDAQ:FIGR) Shares Gap Up Following Earnings Beat

Figure Technology Solutions, Inc. (NASDAQ:FIGR) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $34.59, but opened at $35.50. Figure Technology Solutions shares last traded at $41.41, with a volume of 2,685,921 shares traded.

The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.18. The firm had revenue of $156.03 million during the quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FIGR. Bank of America started coverage on shares of Figure Technology Solutions in a research note on Monday, October 6th. They set a “neutral” rating and a $41.00 price objective on the stock. Sanford C. Bernstein initiated coverage on Figure Technology Solutions in a research note on Monday, October 6th. They set an “outperform” rating and a $54.00 price target on the stock. Keefe, Bruyette & Woods began coverage on Figure Technology Solutions in a report on Monday, October 6th. They set an “outperform” rating and a $48.50 price objective on the stock. Piper Sandler began coverage on Figure Technology Solutions in a research report on Monday, October 6th. They issued an “overweight” rating and a $50.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on Figure Technology Solutions in a research note on Monday, October 6th. They issued a “hold” rating and a $40.00 target price for the company. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Figure Technology Solutions currently has an average rating of “Moderate Buy” and a consensus target price of $47.44.

Insider Buying and Selling at Figure Technology Solutions

In other news, CEO Michael Benjamin Tannenbaum sold 297,171 shares of the company’s stock in a transaction on Friday, September 12th. The stock was sold at an average price of $25.00, for a total transaction of $7,429,275.00. Following the completion of the sale, the chief executive officer directly owned 4,092,576 shares in the company, valued at $102,314,400. This represents a 6.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Adam Gilbert Boyden sold 468,860 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $25.00, for a total value of $11,721,500.00. Following the completion of the transaction, the director directly owned 6,651,158 shares in the company, valued at $166,278,950. This trade represents a 6.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Institutional Investors Weigh In On Figure Technology Solutions

Several institutional investors and hedge funds have recently modified their holdings of FIGR. Orland Properties Ltd bought a new position in Figure Technology Solutions during the 3rd quarter valued at $319,187,000. Vanguard Group Inc. acquired a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $91,751,000. Duquesne Family Office LLC acquired a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $76,989,000. Capital World Investors bought a new position in shares of Figure Technology Solutions during the third quarter worth about $50,918,000. Finally, Balyasny Asset Management L.P. acquired a new position in Figure Technology Solutions in the third quarter worth about $36,087,000.

Figure Technology Solutions Trading Up 16.3%

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.