Figure Technology Solutions Sees Unusually High Options Volume (NASDAQ:FIGR)

Figure Technology Solutions, Inc. (NASDAQ:FIGR) was the recipient of unusually large options trading on Wednesday. Stock investors acquired 33,905 call options on the stock. This is an increase of 276% compared to the typical volume of 9,028 call options.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FIGR. The Goldman Sachs Group lowered their target price on shares of Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a research report on Thursday, January 29th. Keefe, Bruyette & Woods raised Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. Bank of America cut Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 target price on the stock. in a research report on Tuesday, February 3rd. Finally, Zacks Research downgraded Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $55.63.

Figure Technology Solutions Stock Up 21.3%

Shares of FIGR opened at $39.59 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 52-week low of $25.01 and a 52-week high of $78.00. The company has a 50-day moving average of $46.29. The stock has a market cap of $6.97 billion and a P/E ratio of 98.98.

Figure Technology Solutions (NASDAQ:FIGR) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.07). The company had revenue of $157.63 million for the quarter, compared to analysts’ expectations of $158.00 million. The company’s quarterly revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions declared that its Board of Directors has initiated a share buyback plan on Thursday, February 26th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Figure Technology Solutions

In other Figure Technology Solutions news, insider David Todd Stevens sold 26,057 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $32.00, for a total value of $833,824.00. Following the transaction, the insider directly owned 462,943 shares of the company’s stock, valued at approximately $14,814,176. The trade was a 5.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Institutional Investors Weigh In On Figure Technology Solutions

A number of institutional investors and hedge funds have recently modified their holdings of the company. Federated Hermes Inc. purchased a new stake in Figure Technology Solutions during the third quarter worth $8,183,000. Lisanti Capital Growth LLC purchased a new position in shares of Figure Technology Solutions in the third quarter valued at $3,780,000. JPMorgan Chase & Co. purchased a new position in shares of Figure Technology Solutions in the third quarter valued at $15,529,000. BIT Capital GmbH acquired a new position in shares of Figure Technology Solutions during the 3rd quarter worth $7,718,000. Finally, Fidelity National Financial Inc. acquired a new position in shares of Figure Technology Solutions during the 3rd quarter worth $9,092,000.

Figure Technology Solutions Company Profile

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.