Michael Scott Cagney Sells 67,840 Shares of Figure Technology Solutions (NASDAQ:FIGR) Stock

Figure Technology Solutions, Inc. (NASDAQ:FIGR) Director Michael Scott Cagney sold 67,840 shares of the business’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $35.19, for a total transaction of $2,387,289.60. Following the transaction, the director owned 67,840 shares in the company, valued at $2,387,289.60. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Figure Technology Solutions Stock Performance

FIGR opened at $36.67 on Friday. The firm has a market capitalization of $6.51 billion and a PE ratio of 91.68. Figure Technology Solutions, Inc. has a twelve month low of $25.01 and a twelve month high of $78.00. The firm’s 50-day moving average price is $33.63 and its 200 day moving average price is $41.02. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.19.

Figure Technology Solutions (NASDAQ:FIGR) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.06 earnings per share 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 revenue for the quarter was up 90.7% compared to the same quarter last year.

Figure Technology Solutions declared that its board has authorized a share repurchase program on Thursday, February 26th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FIGR shares. Mizuho lowered their price target on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, March 26th. Piper Sandler boosted their target price on shares of 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 decreased 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 report on Monday, March 30th. Needham & Company LLC decreased 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 report on Friday, February 27th. Finally, Texas Capital upgraded shares of Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Figure Technology Solutions has an average rating of “Moderate Buy” and a consensus price target of $53.75.

Hedge Funds Weigh In On Figure Technology Solutions

Institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. acquired a new position in Figure Technology Solutions in the 3rd quarter valued at about $8,183,000. Lisanti Capital Growth LLC purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $3,780,000. JPMorgan Chase & Co. purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $15,529,000. BIT Capital GmbH purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $7,718,000. Finally, Fidelity National Financial Inc. purchased a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $9,092,000.

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.