North Reef Capital Management LP Purchases New Holdings in Figure Technology Solutions, Inc. $FIGR

North Reef Capital Management LP purchased a new position in shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) during the third quarter, Holdings Channel reports. The institutional investor purchased 240,000 shares of the company’s stock, valued at approximately $8,729,000. Figure Technology Solutions comprises 0.4% of North Reef Capital Management LP’s holdings, making the stock its 25th biggest holding.

A number of other institutional investors have also recently bought and sold shares of the business. Orland Properties Ltd purchased a new stake in shares of Figure Technology Solutions during the 3rd quarter valued at $319,187,000. Vanguard Group Inc. purchased a new position in shares of Figure Technology Solutions in the 3rd quarter worth about $91,751,000. Duquesne Family Office LLC bought a new position in Figure Technology Solutions during the third quarter valued at about $76,989,000. Capital World Investors bought a new position in Figure Technology Solutions during the third quarter valued at about $50,918,000. Finally, Balyasny Asset Management L.P. purchased a new stake in Figure Technology Solutions during the third quarter worth about $36,087,000.

Figure Technology Solutions Stock Performance

Shares of Figure Technology Solutions stock opened at $35.46 on Tuesday. 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, Inc. has a 52-week low of $25.01 and a 52-week high of $78.00. The business has a 50 day moving average price of $45.61. The company has a market capitalization of $6.24 billion and a PE ratio of 88.65.

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 the consensus estimate of $0.13 by ($0.07). The business had revenue of $157.63 million for the quarter, compared to analyst estimates of $158.00 million. Figure Technology Solutions’s revenue was up 90.7% on a year-over-year basis.

Figure Technology Solutions declared that its board has initiated a stock buyback plan 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 shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Needham & Company LLC lowered their price objective on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Keefe, Bruyette & Woods upgraded shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Sanford C. Bernstein lifted their price target on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, January 13th. Zacks Research downgraded Figure Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. Finally, Weiss Ratings lowered Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. Two research 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $55.63.

Insider Activity

In other news, insider David Todd Stevens sold 26,057 shares of the stock in a transaction dated 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 approximately $14,814,176. This represents a 5.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sachin Chand Jaitly sold 216,713 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $33.64, for a total value of $7,290,225.32. Additional details regarding this sale are available in the official SEC disclosure.

Figure Technology Solutions 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.