Figure's Q4 net profit surges 156%…Bernstein "maintains $72 price target"

Uk Jin

Summary

Figure Technology Solutions said it posted Q4 revenue of $159.90 million and net profit of $15.10 million.
It said Q4 loan marketplace transaction volume rose to $2.7 billion, and the share of Figure Connect expanded to 54%.
Bernstein said it maintained an 'Outperform' rating on Figure and a $72 price target.

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Figure Technology Solutions posted strong results for the fourth quarter last year. In response, global investment bank Bernstein maintained its existing Outperform rating (meaning it expects the stock to beat the market) and its $72 price target.

According to The Block on the 27th (Korea time), Figure said in its earnings release that it recorded Q4 revenue of $159.90 million. Net profit came in at $15.10 million, sharply up from $5.90 million a year earlier. Figure explained that increased transaction volume through its loan brokerage platform drove the improvement.

Q4 loan marketplace transaction volume totaled $2.7 billion, up 8% from the previous quarter. In particular, the share of its blockchain-based loan connection service, 'Figure Connect,' expanded to 54% of total consumer loans.

Bernstein said "Q4 results were solid" and that "the company's tokenization-based marketplace strategy is gradually delivering results." However, Figure's shares closed down 1.8% at $34.04 the previous day and are down about 45% over the past month.