TLDR
- BofA Securities upgraded FIGR from Underperform to Neutral, raising its price target from $31 to $49
- The stock rose as much as 5.32% on the news, opening at $38.26
- Figure Connect delivered 132% year-over-year volume growth in Q2 2026, now making up 65% of total volumes
- The company added 102 partners in Q2, growing its partner base 26% quarter-over-quarter
- Consensus rating sits at “Moderate Buy” with an average price target of $50.62
Figure Technology Solutions (FIGR) got a boost Wednesday after BofA Securities analyst Craig Siegenthaler upgraded the stock from Underperform to Neutral. His new price target is $49, up sharply from $31. The stock climbed as much as 5.32% in trading, opening at $38.26.
Figure Technology Solutions, Inc. Class A Common Stock, FIGR
Siegenthaler credited stronger momentum at Figure Connect, the company’s blockchain-native loan marketplace, as the key reason behind the shift. BofA raised its price target multiple to 25x from 17.5x, citing an improved revenue growth outlook through 2028.
The analyst noted his prior Underperform rating was largely driven by valuation concerns back in January 2026. He said those concerns have eased while the underlying business story has improved.
Figure Connect Drives Growth
Figure Connect is doing a lot of the heavy lifting here. In Q2 2026, it contributed 65% of total company volumes, up from 42% a year earlier.
Overall, the company posted 132% year-over-year volume growth in Q2. It also added 102 new partners during the quarter, expanding its total partner base by 26% quarter-over-quarter.
For Q3 2026, management guided volumes up 16% quarter-over-quarter. July alone hit $1.7 billion in volumes, putting the quarter on track for a $5.1 billion run rate.
That guidance doesn’t yet include the impact of the Kiavi acquisition, which is expected to add another $7 billion to total volumes once factored in.
Earnings Beat and Institutional Interest
On the earnings front, Figure reported Q2 EPS of $0.35, beating the $0.24 analyst consensus by $0.11. Revenue for the quarter came in at $218.45 million.
The company carries a return on equity of 18.90% and a net margin of 33.45%. Analysts currently forecast full-year EPS of $1.18.
Institutional interest has been picking up. Public Employees Retirement System of Ohio took a new stake worth around $1.24 million in Q2. Other firms including WPG Advisers, State of Wyoming, and Wells Fargo also added to their positions.
Wall Street broadly remains positive on the stock. Bernstein raised its target to $70 with an Outperform rating. Needham reiterated a Buy with a $55 target. Zacks upgraded to Strong Buy in August. The consensus rating across analysts is “Moderate Buy” with an average price target of $50.62.
On the insider side, director David Stevens sold 47,650 shares at $31.38 on August 14, reducing his stake by 11.23%. CFO Minchung Kgil sold 8,000 shares at $38.69 on August 24. In total, insiders sold 80,767 shares worth about $2.54 million over the last quarter.
Insiders still hold 26.60% of the company. FIGR has a 52-week range of $24.11 to $78.00, with a market cap of $7.10 billion.
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