Key Points
- Director Sachin Chand Jaitly sold 216,713 shares of FIGR on March 10 at an average price of $33.64, a transaction totaling about $7.29 million disclosed in an SEC filing.
- The Board authorized a $200 million stock buyback (up to roughly 3.3% of outstanding shares), signalling management believes the shares may be undervalued.
- FIGR reported Qtr EPS of $0.06 vs. $0.13 expected while revenue rose 90.7% year-over-year to $157.63M; the stock traded down about 2.9% to $35.08 following the report.
Figure Technology Solutions, Inc. (NASDAQ:FIGR - Get Free Report) 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 transaction of $7,290,225.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Figure Technology Solutions Trading Down 2.9%
Shares of FIGR stock traded down $1.06 during trading hours on Friday, hitting $35.08. The company's stock had a trading volume of 2,638,823 shares, compared to its average volume of 5,900,986. The company has a current ratio of 2.26, a quick ratio of 2.26 and a debt-to-equity ratio of 0.17. The stock has a fifty day moving average of $46.14. Figure Technology Solutions, Inc. has a twelve month low of $25.01 and a twelve month high of $78.00. The firm has a market capitalization of $6.18 billion and a PE ratio of 87.69.
Figure Technology Solutions (NASDAQ:FIGR - Get Free Report) last posted 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 company 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 announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 26th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.
Analysts Set New Price Targets
A number of research firms have issued reports on FIGR. Needham & Company LLC reduced their target price on shares of Figure Technology Solutions from $71.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, February 27th. Mizuho cut their price objective on shares of Figure Technology Solutions from $64.00 to $55.00 and set an "outperform" rating for the company in a research report on Tuesday. 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. Piper Sandler lifted their target price on shares of Figure Technology Solutions from $55.00 to $75.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 14th. Finally, Texas Capital raised Figure Technology Solutions to a "strong-buy" rating in a research note on Thursday, January 29th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $55.63.
Get Our Latest Analysis on FIGR
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of FIGR. Global Retirement Partners LLC acquired a new position in Figure Technology Solutions during the fourth quarter worth approximately $25,000. Strs Ohio acquired a new position in shares of Figure Technology Solutions in the 4th quarter valued at $34,000. MetLife Investment Management LLC purchased a new stake in shares of Figure Technology Solutions during the 4th quarter valued at $35,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Figure Technology Solutions during the 4th quarter worth $40,000. Finally, Johnson Financial Group Inc. acquired a new stake in shares of Figure Technology Solutions during the 4th quarter worth $41,000.
Figure Technology Solutions Company Profile
(
Get Free Report)
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.
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