David Todd Stevens, an insider at Figure Technology Solutions, Inc. (NASDAQ: FIGR), sold 40,000 shares of the company’s stock on December 3, 2023. The shares were sold at an average price of $35.22, totaling approximately $1.41 million. Following this transaction, Stevens retains 489,000 shares in the company, valued at around $17.22 million, reflecting a 7.56% reduction in his holdings.
The sale was formally disclosed in a filing with the Securities and Exchange Commission, which provides transparency regarding insider transactions.
Stock Performance and Analyst Ratings
On the day following the insider sale, shares of FIGR experienced a surge, climbing by 10.3% to reach $39.02 during mid-day trading. The trading volume reached 1,945,057 shares, significantly lower than the average volume of 3,155,108 shares. Over the past year, the stock has fluctuated between a low of $30.01 and a high of $49.50, with a 50-day moving average currently at $39.33.
Wall Street analysts have shown a positive outlook on Figure Technology Solutions, with several firms adjusting their price targets. On November 17, 2023, Bank of America raised its target from $41.00 to $47.00, maintaining a “neutral” rating. Meanwhile, Mizuho upped its target from $47.00 to $56.00 and rated the stock as “outperform.”
Further endorsements came from The Goldman Sachs Group, which increased its price target from $42.00 to $48.00 while assigning a “buy” rating. In contrast, Zacks Research recently upgraded its rating to “hold,” and Piper Sandler set a new price objective of $55.00 while maintaining an “overweight” rating.
As it stands, six analysts have issued “buy” ratings on the stock, while three have opted for “hold.” The consensus rating remains a “Moderate Buy” with a target price of $50.38, according to data from MarketBeat.
Institutional Investments in Figure Technology Solutions
Recent activity among institutional investors further underscores the interest in Figure Technology Solutions. Notably, Freestone Grove Partners LP acquired a new stake valued at approximately $4.33 million during the third quarter. Additionally, Burkehill Global Management LP invested $21.82 million, while Duquesne Family Office LLC made a significant purchase amounting to $76.99 million.
Other notable investors include Davidson Kempner Capital Management LP with an acquisition of $6.57 million and Longaeva Partners L.P., which secured a stake worth $4.18 million. The influx of institutional capital reflects growing confidence in the company’s future prospects.
Figure Technology Solutions positions itself at the forefront of capital markets innovation by leveraging blockchain-based technology. Their proprietary systems aim to enhance lending, trading, and investing across sectors like consumer credit and digital assets. The application of blockchain enables increased efficiency and improved customer service.
As developments continue to unfold, stakeholders remain focused on the company’s performance and strategic initiatives, which could shape its trajectory in the evolving financial landscape.
