Figure Technologies Surges 6.5% After $800M IPO, Bernstein Sees 30%+ Upside
Figure Technologies, a blockchain-based lending firm, has made a strong debut in the public markets. The company raised nearly $800 million in its IPO, valuing it at around $5.3 billion. Since then, its shares have surged, currently trading at $42.71, up around 6.5% today.
Founded in 2018 by Mike Cagney, the former CEO of SoFi Technologies, and June Ou, Figure Technologies uses its Provenance blockchain network to tokenize private credit. This innovative approach has facilitated around $12.85 billion in active loan values, a 10% increase over the last 30 days.
The company has originated $16 billion worth of home loans since its inception. It hit the public markets in September with an IPO at $25 per share, and since then, its shares have jumped around 75%.
Analysts at Bernstein have praised Figure Technologies' leadership in its niche, strong product-market-fit, and potential to expand into other loan types. They forecast a 30%+ jump in shares and set a price target of $54 per share.
Figure Technologies' successful IPO and subsequent share price increase reflect investor confidence in the company's innovative use of technology in the lending sector. With around $12.85 billion in active loan values and a strong product-market fit, the company is well-positioned for future growth.
