Figure Technology Solutions (NASDAQ:FIGR) Shares Down 7.2% After Insider Selling

Shares of Figure Technology Solutions, Inc. (NASDAQ:FIGR) dropped 7.2% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $27.75 and last traded at $27.5280. 2,908,033 shares changed hands during trading, a decline of 39% from the average daily volume of 4,798,178 shares. The stock had previously closed at $29.65.

Specifically, CFO Minchung Kgil sold 9,117 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $30.06, for a total transaction of $274,057.02. Following the sale, the chief financial officer directly owned 507,651 shares in the company, valued at approximately $15,259,989.06. The trade was a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

A number of research analysts recently issued reports on FIGR shares. Keefe, Bruyette & Woods upgraded shares of Figure Technology Solutions from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, February 19th. Zacks Research raised shares of Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 14th. Mizuho upped their price target on shares of Figure Technology Solutions from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. The Goldman Sachs Group dropped their price target on shares of Figure Technology Solutions from $49.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Finally, Bank of America cut their price target on shares of Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Figure Technology Solutions presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.62.

Figure Technology Solutions Stock Performance

The stock has a 50 day moving average of $34.15 and a 200 day moving average of $39.33. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $5.21 billion and a price-to-earnings ratio of 49.22.

Figure Technology Solutions (NASDAQ:FIGR) last announced its earnings results on Monday, May 11th. The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.17 by $0.01. The company had revenue of $166.84 million during the quarter. As a group, analysts predict that Figure Technology Solutions, Inc. will post 0.94 EPS for the current year.

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

Institutional Investors Weigh In On Figure Technology Solutions

Large investors have recently modified their holdings of the company. Orland Properties Ltd acquired a new position in Figure Technology Solutions in the third quarter valued at $319,187,000. J Digital 6 LLC grew its holdings in 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 acquiring an additional 274,145 shares during the period. Vanguard Group Inc. raised its position in shares of Figure Technology Solutions by 17.9% in the 4th quarter. Vanguard Group Inc. now owns 2,974,853 shares of the company’s stock worth $121,493,000 after acquiring an additional 452,136 shares in the last quarter. Duquesne Family Office LLC bought a new position in shares of Figure Technology Solutions in the 3rd quarter worth about $76,989,000. Finally, Fred Alger Management LLC acquired a new position in shares of Figure Technology Solutions in the 4th quarter valued at about $67,386,000.

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.