On September 21, Figure Technology Solutions rose 6.65% in pre-market trading, trading at $37.83 per share, with turnover of approximately $555,200.
On the news front, Bank of America Global Research recently upgraded Figure Technology Solutions from Underperform to Neutral, while significantly raising its price target from $31 to $49, representing a 58% increase. The upgrade reflects a markedly improved institutional outlook on the company's prospects. According to FactSet, the stock carries an average analyst rating of Overweight with a mean price target of $52.67.
The upgrade comes on the back of strong fundamental momentum. In Q2, the company reported EPS of $0.35, beating the consensus estimate of $0.23 by over 52%, while revenue surged to $225.6 million from $106.1 million a year earlier, also exceeding the $208.2 million estimate. Additionally, in June the company signed a $717 million agreement to acquire Kiavi, an AI-powered real estate lending platform, adding over $7 billion in annual first-lien volume to its Figure Connect marketplace. The combination of robust earnings performance, strategic expansion, and a significant analyst upgrade has driven positive pre-market sentiment.
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