Figure Technology Solutions (NASDAQ:FIGR) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Figure Technology Solutions (NASDAQ:FIGR) announced its quarterly earnings results on Monday. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.01, FiscalAI reports. The business had revenue of $166.84 million during the quarter.

Figure Technology Solutions Stock Down 6.6%

Shares of NASDAQ:FIGR traded down $2.62 during trading hours on Wednesday, hitting $36.88. The company’s stock had a trading volume of 1,861,498 shares, compared to its average volume of 5,077,208. Figure Technology Solutions has a 52 week low of $25.01 and a 52 week high of $78.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.20 and a quick ratio of 2.20. The company has a market capitalization of $6.70 billion and a price-to-earnings ratio of 92.20. The firm’s fifty day moving average price is $34.20 and its 200 day moving average price is $40.31.

Insider Buying and Selling at Figure Technology Solutions

In other news, insider David Todd Stevens sold 49,708 shares of the company’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the transaction, the insider owned 436,089 shares in the company, valued at $13,963,569.78. This represents a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael Scott Cagney sold 67,840 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $35.19, for a total transaction of $2,387,289.60. Following the transaction, the director directly owned 67,840 shares of the company’s stock, valued at $2,387,289.60. This represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 620,352 shares of company stock valued at $20,812,730. 26.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Orland Properties Ltd purchased a new position in Figure Technology Solutions in the 3rd quarter valued at $319,187,000. J Digital 6 LLC increased its position in shares of Figure Technology Solutions by 9.1% during the 4th quarter. J Digital 6 LLC now owns 3,276,587 shares of the company’s stock worth $133,816,000 after purchasing an additional 274,145 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Figure Technology Solutions by 17.9% during the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company’s stock worth $121,493,000 after purchasing an additional 452,136 shares during the last quarter. Duquesne Family Office LLC acquired a new stake in shares of Figure Technology Solutions during the 3rd quarter worth about $76,989,000. Finally, Fred Alger Management LLC acquired a new stake in shares of Figure Technology Solutions during the 4th quarter worth about $67,386,000.

Figure Technology Solutions announced that its board has approved a stock repurchase plan on Thursday, February 26th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the company to buy up to 3.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on FIGR. Bank of America cut their price objective on shares of Figure Technology Solutions from $34.00 to $31.00 in a research report on Thursday, April 2nd. Weiss Ratings cut shares of Figure Technology Solutions from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, April 24th. Mizuho cut their price objective on shares of Figure Technology Solutions from $55.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, March 26th. Zacks Research upgraded shares of Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 14th. Finally, Piper Sandler boosted their target price on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.38.

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.