Figure Technologies Shares Surge 75% Post-IPO as Bernstein Predicts Further Growth
Shares in Figure Technologies, a blockchain technology-based lending firm, have surged around 75% since its Initial Public Offering (IPO) in September. The company, which uses its Provenance blockchain technology network to facilitate the tokenization of private credit, has been given an 'outperform' rating by Bernstein analysts.
Bernstein has set a new price target of $54 for Figure Technologies' shares, forecasting a more than 30% jump. The analysts highlighted the firm's leadership in the niche, strong product-market-fit, and optionality into other loan types as potential catalysts for growth. Figure Technologies hit public markets with an IPO at $25 per share of FIGR, raising nearly $800 million and valuing the firm around $5.3 billion. Today, shares are up around 6.5% and trading at $42.71.
Since its IPO, Figure Technologies has shown significant growth, with shares increasing around 75%. Bernstein analysts' positive outlook and price target indicate potential for further growth. The firm's use of blockchain technology to facilitate private credit tokenization and its strong performance since going public suggest a promising future in the blockchain lending space.
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