Figure Technology Solutions (NASDAQ:FIGR – Get Free Report) had its target price lifted by equities research analysts at Mizuho from $45.00 to $55.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price target suggests a potential upside of 35.77% from the stock’s previous close.
Several other brokerages also recently issued reports on FIGR. Needham & Company LLC restated a “buy” rating and issued a $55.00 price target on shares of Figure Technology Solutions in a report on Wednesday. Weiss Ratings downgraded Figure Technology Solutions from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, April 24th. Bank of America lowered their price target on Figure Technology Solutions from $34.00 to $31.00 in a report on Thursday, April 2nd. Zacks Research upgraded Figure Technology Solutions from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 14th. Finally, Texas Capital upgraded Figure Technology Solutions to a “strong-buy” rating in a report on Thursday, January 29th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.63.
Figure Technology Solutions Trading Up 2.6%
Figure Technology Solutions (NASDAQ:FIGR – Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.01. The business had revenue of $166.84 million during the quarter. Research analysts forecast that Figure Technology Solutions will post 0.93 EPS for the current year.
Figure Technology Solutions declared that its board has authorized a stock repurchase program on Thursday, February 26th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to repurchase up to 3.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Insider Activity at Figure Technology Solutions
In other news, CEO Michael Benjamin Tannenbaum sold 127,369 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $33.35, for a total transaction of $4,247,756.15. Following the completion of the transaction, the chief executive officer directly owned 3,250,466 shares of the company’s stock, valued at $108,403,041.10. This represents a 3.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Todd Stevens sold 49,708 shares of the company’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $32.02, for a total value of $1,591,650.16. Following the transaction, the insider directly owned 436,089 shares of the company’s stock, valued at $13,963,569.78. This represents a 10.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 620,352 shares of company stock valued at $20,812,730 over the last ninety days. Company insiders own 26.60% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the stock. Sei Investments Co. grew its stake in Figure Technology Solutions by 97.7% in the first quarter. Sei Investments Co. now owns 257,181 shares of the company’s stock valued at $8,732,000 after purchasing an additional 127,120 shares in the last quarter. Alamar Capital Management LLC acquired a new stake in shares of Figure Technology Solutions in the first quarter valued at approximately $646,000. State of Wyoming lifted its position in shares of Figure Technology Solutions by 14.8% in the first quarter. State of Wyoming now owns 3,864 shares of the company’s stock valued at $131,000 after buying an additional 498 shares during the last quarter. Monashee Investment Management LLC acquired a new stake in shares of Figure Technology Solutions in the first quarter valued at approximately $2,598,000. Finally, Cetera Investment Advisers lifted its position in shares of Figure Technology Solutions by 32.8% in the first quarter. Cetera Investment Advisers now owns 24,346 shares of the company’s stock valued at $827,000 after buying an additional 6,013 shares during the last quarter.
About Figure Technology Solutions
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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