Fortress Investment Group LLC Invests $8.18 Million in Figure Technology Solutions, Inc. $FIGR

Fortress Investment Group LLC acquired a new position in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) in the third quarter, HoldingsChannel reports. The fund acquired 225,000 shares of the company’s stock, valued at approximately $8,183,000. Figure Technology Solutions accounts for 1.1% of Fortress Investment Group LLC’s holdings, making the stock its 19th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Voya Investment Management LLC bought a new position in Figure Technology Solutions during the third quarter worth about $721,000. Exchange Traded Concepts LLC bought a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at about $5,963,000. Blue Trust Inc. acquired a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $64,000. Hennessy Advisors Inc. acquired a new stake in shares of Figure Technology Solutions in the 3rd quarter valued at approximately $255,000. Finally, CWA Asset Management Group LLC bought a new position in Figure Technology Solutions during the 3rd quarter worth approximately $1,412,000.

Figure Technology Solutions Stock Performance

NASDAQ FIGR opened at $35.07 on Monday. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17. The company has a market cap of $6.18 billion and a PE ratio of 87.68. The business’s 50 day simple moving average is $45.97. Figure Technology Solutions, Inc. has a 52-week low of $25.01 and a 52-week high of $78.00.

Figure Technology Solutions (NASDAQ:FIGR) last announced 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 business had revenue of $157.63 million for the quarter, compared to analysts’ expectations of $158.00 million. The business’s revenue for the quarter was up 90.7% on a year-over-year basis.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on FIGR. Weiss Ratings downgraded shares of Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, February 11th. Zacks Research cut shares of Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Piper Sandler boosted their price target 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. Needham & Company LLC lowered their price objective on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Finally, Bank of America downgraded Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price objective on the stock. in a research note on Tuesday, February 3rd. 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. Based on data from MarketBeat.com, Figure Technology Solutions presently has an average rating of “Moderate Buy” and a consensus target price of $55.63.

Insiders Place Their Bets

In related news, Director Sachin Chand Jaitly sold 216,713 shares of the firm’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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $833,824.00. Following the completion of the sale, the insider directly owned 462,943 shares in the company, valued at $14,814,176. This represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

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.