1,400,000 Shares in Figure Technology Solutions, Inc. $FIGR Purchased by Capital World Investors

Capital World Investors bought a new stake in Figure Technology Solutions, Inc. (NASDAQ:FIGR) during the third quarter, HoldingsChannel.com reports. The fund bought 1,400,000 shares of the company’s stock, valued at approximately $50,918,000.

Other large investors have also recently bought and sold shares of the company. Blue Trust Inc. acquired a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at $64,000. SBI Securities Co. Ltd. bought a new stake in shares of Figure Technology Solutions in the third quarter worth $66,000. PNC Financial Services Group Inc. acquired a new position in Figure Technology Solutions during the third quarter valued at approximately $73,000. Ameritas Advisory Services LLC bought a new stake in Figure Technology Solutions during the third quarter worth $200,000. Finally, Hennessy Advisors Inc. acquired a new stake in Figure Technology Solutions in the 3rd quarter valued at about $255,000.

Figure Technology Solutions Price Performance

Shares of NASDAQ:FIGR opened at $36.14 on Friday. The company has a market cap of $6.36 billion and a price-to-earnings ratio of 90.35. The company has a quick ratio of 2.26, a current ratio of 2.26 and a debt-to-equity ratio of 0.17. Figure Technology Solutions, Inc. has a one year low of $25.01 and a one year high of $78.00. The business has a fifty day moving average of $46.14.

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 the consensus estimate of $0.13 by ($0.07). The firm had revenue of $157.63 million during 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 stock repurchase program on Thursday, February 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Figure Technology Solutions news, Director Sachin Chand Jaitly sold 216,713 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total transaction of $7,290,225.32. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider David Todd Stevens sold 26,057 shares of the company’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 completion of the transaction, the insider directly owned 462,943 shares in the company, valued at approximately $14,814,176. The trade was a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Ratings Changes

A number of research analysts recently commented on FIGR shares. Weiss Ratings lowered shares of Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, February 11th. Piper Sandler boosted their price objective on Figure Technology Solutions from $55.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Mizuho decreased their price target on Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating for the company in a research note on Tuesday. Keefe, Bruyette & Woods upgraded Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. Finally, Zacks Research lowered Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report 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 assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $55.63.

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.