Brokerages initiate coverage on Figure Technology as quiet period ends
Shares of blockchain lender Figure Technology FIGR.O rise nearly 6% to about $42.7 in early trading
At least eight 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
*"FIGR is a first-mover in tokenizing Real-World Assets and holds >70% market share of tokenized private credit," BofA says
Following are the ratings, PTs:
Brokerage | Rating | PT |
Bernstein | Outperform | $54 |
Needham | Buy | $51 |
Mizuho | Outperform | $47 |
Jefferies | Hold | $40 |
Piper Sandler | Overweight | $50 |
BofA | Neutral | $41 |
KBW | Outperform | $48.5 |
Goldman Sachs | Buy | $42 |
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