Figure Technology Solutions (NASDAQ:FIGR) Cut to “Hold” at Zacks Research

Zacks Research cut shares of Figure Technology Solutions (NASDAQ:FIGR) from a strong-buy rating to a hold rating in a research note released on Wednesday,Zacks.com reports.

FIGR has been the subject of a number of other research reports. Keefe, Bruyette & Woods lifted their target price on shares of Figure Technology Solutions from $52.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, January 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Figure Technology Solutions in a research report on Monday, December 29th. Bank of America cut Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective for the company. in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $71.00 price objective on shares of Figure Technology Solutions in a report on Thursday. Finally, Sanford C. Bernstein raised their target price on Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Figure Technology Solutions has an average rating of “Moderate Buy” and a consensus price target of $59.50.

Figure Technology Solutions Trading Up 3.3%

Shares of NASDAQ:FIGR opened at $41.27 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.26 and a quick ratio of 2.26. Figure Technology Solutions has a 1-year low of $30.01 and a 1-year high of $78.00. The company has a market cap of $7.27 billion and a PE ratio of 121.38. The stock’s 50-day moving average price is $49.53.

Figure Technology Solutions (NASDAQ:FIGR) last issued its earnings results on Thursday, November 13th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.18. The business had revenue of $156.03 million during the quarter.

Insiders Place Their Bets

In related news, CEO Michael Benjamin Tannenbaum sold 90,026 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $35.12, for a total transaction of $3,161,713.12. Following the sale, the chief executive officer owned 3,641,903 shares of the company’s stock, valued at approximately $127,903,633.36. This trade represents a 2.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael Scott Cagney sold 200,058 shares of Figure Technology Solutions stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $39.40, for a total value of $7,882,285.20. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,344,073 shares of company stock worth $123,816,526 over the last 90 days.

Hedge Funds Weigh In On Figure Technology Solutions

Several institutional investors and hedge funds have recently modified their holdings of the business. Orland Properties Ltd acquired a new stake in Figure Technology Solutions during the 3rd quarter worth approximately $319,187,000. Vanguard Group Inc. boosted its holdings in shares of Figure Technology Solutions by 17.9% in the fourth quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company’s stock valued at $121,493,000 after buying an additional 452,136 shares during the period. Duquesne Family Office LLC bought a new stake in shares of Figure Technology Solutions during the third quarter worth $76,989,000. Pantera Capital Partners LP acquired a new stake in shares of Figure Technology Solutions during the third quarter worth $56,114,000. Finally, Capital World Investors acquired a new stake in shares of Figure Technology Solutions during the third quarter worth $50,918,000.

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.