Figure Technology Solutions (NASDAQ:FIGR) Stock Price Down 5.3% – Should You Sell?

Figure Technology Solutions, Inc. (NASDAQ:FIGR)’s share price fell 5.3% during trading on Wednesday . The company traded as low as $31.80 and last traded at $31.5030. 2,820,546 shares were traded during mid-day trading, a decline of 51% from the average session volume of 5,773,430 shares. The stock had previously closed at $33.25.

Analyst Ratings Changes

A number of research firms have recently weighed in on FIGR. The Goldman Sachs Group dropped their price objective on 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. 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. Sanford C. Bernstein increased their price target on shares of Figure Technology Solutions from $54.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, January 13th. Mizuho cut their price target on shares of Figure Technology Solutions from $64.00 to $55.00 and set an “outperform” rating on the stock in a report on Tuesday, March 10th. Finally, Zacks Research cut shares of Figure Technology Solutions from a “hold” rating to a “strong sell” rating in a research report on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Figure Technology Solutions currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.63.

Figure Technology Solutions Trading Down 6.1%

The firm has a market cap of $5.54 billion and a price-to-earnings ratio of 78.03. The stock has a fifty day moving average of $42.94. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.20 and a current ratio of 2.20.

Figure Technology Solutions (NASDAQ:FIGR) last posted its earnings results on Thursday, February 26th. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate 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 was up 90.7% compared to the same quarter last year.

Figure Technology Solutions declared that its Board of Directors has initiated a share buyback plan on Thursday, February 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, Director Sachin Chand Jaitly sold 216,713 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $33.64, for a total value of $7,290,225.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Todd Stevens sold 49,708 shares of the stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $32.02, for a total transaction of $1,591,650.16. Following the completion of the transaction, the insider directly owned 436,089 shares of the company’s stock, valued at approximately $13,963,569.78. The trade was a 10.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 292,478 shares of company stock valued at $9,715,699.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FIGR. Global Retirement Partners LLC bought a new position in Figure Technology Solutions in the fourth quarter worth $25,000. Wells Fargo & Company MN boosted its holdings in shares of Figure Technology Solutions by 3.5% during the 4th quarter. Wells Fargo & Company MN now owns 18,429 shares of the company’s stock valued at $753,000 after buying an additional 616 shares in the last quarter. Strs Ohio purchased a new stake in shares of Figure Technology Solutions in the 4th quarter worth about $34,000. MetLife Investment Management LLC purchased a new stake in shares of Figure Technology Solutions in the 4th quarter worth about $35,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Figure Technology Solutions in the 4th quarter worth about $40,000.

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.