$FIGR 0.55 Developing

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• @wallstengine bullish 39 eng

  Needham Reiterates Buy Rating on $FIGR, PT $55; Top Idea Analyst comments: "Figure recently provided strong June key operating metrics, with consumer loan marketplace volume coming in at $1.519 billion, up 155% Y/Y and well above our $1.357 billion estimate. This brings total 2Q marketplace volume to $4.259 billion, beating the high end of the $3.4-$4.1 billion guidance range. We believe the upside is due to good underlying macro conditions for HELOCs, strong performance of the underlying assets, and an ongoing focus on execution and diversification in the capital markets. We are raising our estimates and believe there is further room for upside as additional asset classes, including auto, SMB, and RTL/DSCR loans, continue to become bigger pieces of the story. We are reiterating our Buy rating and $55 target. FIGR remains our Conviction List idea." Analyst: Kyle Peterson

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