Brokerages initiate coverage on Figure Technology as quiet period ends
Shares of blockchain lender Figure Technology FIGR.O rise nearly 2% to about $41.1 in premarket trading
At least five brokerages initiate coverage with largely bullish ratings as research quiet period ends
Company secured valuation of $7.62 bln after shares opened at $36 in NYSE debut vs IPO price of $25
"FIGR is solely responsible for 3/4ths of all global tokenized private credit assets and is originating ~$1 bln of home equity loans per quarter via its proprietary loan origination system," Piper Sandler says
Bernstein says co brings the liquidity of blockchain capital markets to consumer loans, transforming a 'balance sheet heavy' lending model to a 'capital light' marketplace business
Needham says it expects co to continue to focus on expanding its product suite in areas such as stablecoins, democratized prime, and the company's crypto exchange
Following are the ratings, PTs:
Brokerage | Rating | PT |
Bernstein | Outperform | $54 |
Needham | Buy | $51 |
Mizuho | Outperform | $47 |
Jefferies | Hold | $40 |
Piper Sandler | Overweight | $50 |
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