Blockchain-enabled Fintech lender Figure Technology Solutions Inc. (NASDAQ:FIGR) raised $787.5 million in its initial public offering on September 11.
Here are some takeaways from analyst initiation notes:
- BofA Securities analyst Craig Siegenthaler initiated coverage with a Neutral rating and price target of $41.
- Goldman Sachs analyst James Yaro began coverage with a Buy rating and price target of $42.
Check out other analyst stock ratings.
BofA Securities: Figure Technology Solutions has become the leading non-bank provider of Home Equity Line of Credit (HELOC), with a market share of more than 70% in tokenized private credit, Siegenthaler said in his initiation note. With this, the company's future revenue growth is now tied to the success of Figure Connect (new marketplace), "which we expect to drive 75% of its total revenue growth from 2024 through 2027," he added.
There are "key cyclical positives" for Figure Technology Solutions, as cash-out refinancing has become unattractive due to strong home price appreciation and high mortgage rates, plus there is less competition in the mortgage tech sector, the analyst stated.
Goldman Sachs: Blockchain and other technologies help Figure Technology Solutions achieve efficiencies in origination and sales, which benefits borrowers, originators, and loan buyers, Yaro said. "We see share gains within its core home equity loan (HELOC) product, and TAM expansion into other consumer loans," he wrote.
Figure Connect, which is a marketplace connecting buyers and sellers, has scaled from 0% of 2024 volume to 42% of volume in the second quarter of 2025 and this is expected to grow to 55% by 2027, the analyst stated.
FIGR Price Action: Shares of Figure Technology Solutions had risen by 6.75% to $43.02 at the time of publication on Monday.
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