Figure Technology Solutions (NASDAQ:FIGR) Upgraded at Zacks Research

Zacks Research upgraded shares of Figure Technology Solutions (NASDAQ:FIGR) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Weiss Ratings cut Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. Piper Sandler upped their price target on Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Sanford C. Bernstein cut their target price on shares of Figure Technology Solutions from $72.00 to $67.00 and set an “outperform” rating on the stock in a research note on Monday, March 30th. Texas Capital raised shares of Figure Technology Solutions to a “strong-buy” rating in a research note on Thursday, January 29th. Finally, Needham & Company LLC cut their target price on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Two investment 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.75.

Figure Technology Solutions Price Performance

Shares of NASDAQ:FIGR opened at $35.73 on Tuesday. Figure Technology Solutions has a 12 month low of $25.01 and a 12 month high of $78.00. The stock has a market cap of $6.34 billion and a price-to-earnings ratio of 89.33. The stock’s 50 day moving average price is $33.72 and its 200 day moving average price is $40.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.20.

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

Figure Technology Solutions declared that its board has approved a stock repurchase plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Figure Technology Solutions

In other news, insider David Todd Stevens sold 49,708 shares of the business’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the transaction, the insider directly owned 436,089 shares in the company, valued at $13,963,569.78. The trade was a 10.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sachin Chand Jaitly sold 216,713 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total transaction of $7,290,225.32. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 292,478 shares of company stock worth $9,715,699.

Institutional Investors Weigh In On Figure Technology Solutions

A number of large investors have recently bought and sold shares of the business. Orland Properties Ltd bought a new stake in Figure Technology Solutions in the third quarter worth $319,187,000. J Digital 6 LLC grew its position in shares of Figure Technology Solutions by 9.1% in the fourth quarter. J Digital 6 LLC now owns 3,276,587 shares of the company’s stock valued at $133,816,000 after purchasing an additional 274,145 shares during the last quarter. Vanguard Group Inc. grew its position 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 purchasing an additional 452,136 shares during the last quarter. Duquesne Family Office LLC acquired a new stake in shares of Figure Technology Solutions in the third quarter valued at about $76,989,000. Finally, Fred Alger Management LLC acquired a new stake in Figure Technology Solutions during the fourth quarter worth about $67,386,000.

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.