Figure Technology Solutions (NASDAQ:FIGR) Downgraded to Underperform Rating by Bank of America

Bank of America downgraded shares of Figure Technology Solutions (NASDAQ:FIGR) from a neutral rating to an underperform rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has $42.00 price objective on the stock.

A number of other equities research analysts have also recently issued reports on FIGR. Mizuho upped their price objective on shares of Figure Technology Solutions from $47.00 to $56.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. Zacks Research raised shares of Figure Technology Solutions from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 2nd. Keefe, Bruyette & Woods raised their price objective on Figure Technology Solutions from $52.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, January 8th. Weiss Ratings reissued a “hold (c-)” rating on shares of Figure Technology Solutions in a research note on Monday, December 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $51.00 target price on shares of Figure Technology Solutions in a report on Monday, November 17th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Figure Technology Solutions has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Figure Technology Solutions Trading Down 14.9%

Shares of Figure Technology Solutions stock opened at $44.54 on Tuesday. The company has a market cap of $7.84 billion and a price-to-earnings ratio of 131.00. 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 12 month low of $30.01 and a 12 month high of $78.00. The firm’s 50-day moving average price is $49.19.

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, topping the consensus estimate of $0.16 by $0.18. The firm had revenue of $156.03 million during the quarter.

Insiders Place Their Bets

In related news, Director June Ou sold 500,000 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $36.22, for a total transaction of $18,110,000.00. Following the completion of the transaction, the director owned 6,378,993 shares in the company, valued at $231,047,126.46. This represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Benjamin Tannenbaum sold 908,000 shares of Figure Technology Solutions stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $39.19, for a total transaction of $35,584,520.00. Following the completion of the sale, the chief executive officer owned 3,921,366 shares in the company, valued at approximately $153,678,333.54. This trade represents a 18.80% decrease in their position. 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 in the last quarter.

Hedge Funds Weigh In On Figure Technology Solutions

Several hedge funds and other institutional investors have recently modified their holdings of FIGR. Strs Ohio purchased a new stake in Figure Technology Solutions in the fourth quarter worth about $34,000. Flagship Harbor Advisors LLC bought a new position in shares of Figure Technology Solutions in the 4th quarter worth approximately $40,000. Blue Trust Inc. purchased a new position in Figure Technology Solutions during the third quarter valued at $64,000. SBI Securities Co. Ltd. purchased a new position in Figure Technology Solutions during the 3rd quarter valued at about $66,000. Finally, PNC Financial Services Group Inc. purchased a new position in shares of Figure Technology Solutions during the third quarter valued at approximately $73,000.

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.