Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 8.2% – Time to Sell?

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price dropped 8.2% during trading on Thursday . The stock traded as low as $31.02 and last traded at $30.9060. Approximately 1,150,635 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 5,801,679 shares. The stock had previously closed at $33.68.

Analyst Ratings Changes

FIGR has been the subject of several recent research reports. Needham & Company LLC cut their target price on shares of Figure Technology Solutions from $71.00 to $55.00 and set a “buy” rating for the company in a report on Friday, February 27th. Bank of America downgraded shares of Figure Technology Solutions from a “neutral” rating to an “underperform” rating and set a $42.00 price target on the stock. in a report on Tuesday, February 3rd. Weiss Ratings lowered shares of Figure Technology Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 11th. Texas Capital raised shares of Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Finally, Keefe, Bruyette & Woods raised shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.63.

Figure Technology Solutions Stock Up 3.7%

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.26. The firm has a market cap of $6.08 billion and a price-to-earnings ratio of 85.73. The company’s 50-day moving average is $43.78.

Figure Technology Solutions (NASDAQ:FIGR) last announced its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 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 share buyback program on Thursday, February 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, insider David Todd Stevens sold 26,057 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $32.00, for a total value of $833,824.00. Following the transaction, the insider directly owned 462,943 shares of the company’s stock, valued at approximately $14,814,176. This trade represents a 5.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sachin Chand Jaitly sold 216,713 shares of Figure Technology Solutions 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. The disclosure for this sale is available in the SEC filing.

Hedge Funds Weigh In On Figure Technology Solutions

A number of hedge funds have recently made changes to their positions in FIGR. Global Retirement Partners LLC acquired a new stake in shares of Figure Technology Solutions in the fourth quarter worth approximately $25,000. Strs Ohio acquired a new position in Figure Technology Solutions in the 4th quarter valued at $34,000. MetLife Investment Management LLC acquired a new position in Figure Technology Solutions in the 4th quarter valued at $35,000. Flagship Harbor Advisors LLC purchased a new position in Figure Technology Solutions in the 4th quarter valued at $40,000. Finally, Johnson Financial Group Inc. acquired a new stake in Figure Technology Solutions during the 4th quarter worth $41,000.

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.