13F Research

For informational purposes only — not investment advice

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FIGR

LONGINSIDER SELL

FIGURE TECHNOLOGY SOLUTIO

Funds
4
Score
6.00
vs SPY
-12.2%
Stock return (since Q-end)
+4.1%
SPY return (since Q-end)
+16.3%
Current price
$35.35

News Summary

Negative

Figure reported strong Q1 2026 results with 112.6% YoY marketplace volume growth, $167M revenue (+97.6% YoY), and expanded guidance to $3.8-4.1B for Q2, while raising full-year 2026 EPS estimates to $0.91. However, a short-seller report in April raised credible concerns about blockchain claims, loan origination practices, and insider selling, causing shares to fall from $78 to $37 despite operational momentum.

Red flags

  • •Short-seller report (Morpheus Research, April 16, 2026) alleging misrepresentation of blockchain integration in loan origination—SEC disclosures confirm LOS does not use blockchain despite public claims
  • •Insider selling: Co-founder Cagney sold $64M in stock since IPO at $28.50 average with no purchases
  • •Governance concern: ~65% of Provenance Blockchain native token owned by Figure, affiliates, and Cagney per report
  • •Stock crashed 53% from January high of $78 to $37 following reputational attack
  • •Valuation disconnect: Trading at 80.7x trailing P/E vs. 9.7x industry average; share price well above DCF fair value estimates despite strong growth

Funds Buying (4)

FundManagerShares Held∆ SharesPosition ValueQoQStatus
Soros Fund ManagementSoros Family Office1.0M+1.0M$34.0B—NEW
Point72Steve Cohen949K+949K$32.2B—NEW
Tiger GlobalChase Coleman200K+200K$6.8B—NEW
Duquesne Family OfficeStanley Druckenmiller1.2M+1.2M$39M—NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.

Insider Activity

NameTitleTypeSharesPriceValueFiled
Tannenbaum Michael BenjaminChief Executive OfficerSELL2K$36.03$0.07M2026-05-20
Tannenbaum Michael BenjaminChief Executive OfficerSELL309$38.15$0.01M2026-05-19
Tannenbaum Michael BenjaminChief Executive OfficerSELL15K$37.25$0.54M2026-05-19
Stevens David ToddChief Capital OfficerSELL17K$43.34$0.73M2026-05-14
Stevens David ToddChief Capital OfficerSELL7K$44.15$0.33M2026-05-14
Stevens David ToddChief Capital OfficerSELL6K$40.49$0.23M2026-05-14
Stevens David ToddChief Capital OfficerSELL6K$39.47$0.23M2026-05-14
Stevens David ToddChief Capital OfficerSELL5K$41.47$0.19M2026-05-14
Stevens David ToddChief Capital OfficerSELL7K$42.53$0.28M2026-05-14
Cagney Michael Scott—SELL6K$38.30$0.24M2026-05-13
Cagney Michael Scott—SELL3K$39.48$0.12M2026-05-13
Cagney Michael Scott—SELL8K$40.47$0.31M2026-05-13
Cagney Michael Scott—SELL10K$37.57$0.38M2026-05-13
Ou June—SELL2K$35.68$0.09M2026-05-13
Ou June—SELL6K$36.61$0.21M2026-05-13
Ou June—SELL10K$37.57$0.38M2026-05-13
Ou June—SELL6K$38.30$0.24M2026-05-13
Ou June—SELL3K$39.48$0.12M2026-05-13
Ou June—SELL8K$40.47$0.31M2026-05-13
Cagney Michael Scott—SELL2K$35.68$0.09M2026-05-13
Cagney Michael Scott—SELL6K$36.61$0.21M2026-05-13
Tannenbaum Michael BenjaminChief Executive OfficerSELL48K$31.84$1.52M2026-04-29
Tannenbaum Michael BenjaminChief Executive OfficerSELL9K$32.69$0.29M2026-04-29
Tannenbaum Michael BenjaminChief Executive OfficerSELL106$33.53$0.00M2026-04-29
Tannenbaum Michael BenjaminChief Executive OfficerSELL30K$32.31$0.97M2026-04-28
Tannenbaum Michael BenjaminChief Executive OfficerSELL50K$33.26$1.65M2026-04-28
Tannenbaum Michael BenjaminChief Executive OfficerSELL48K$34.10$1.62M2026-04-28
Kgil MinchungChief Financial OfficerSELL8K$32.25$0.26M2026-04-24
Ou June—SELL14K$33.85$0.48M2026-04-15
Ou June—SELL26K$35.14$0.92M2026-04-15
Ou June—SELL28K$35.93$0.99M2026-04-15
Cagney Michael Scott—SELL14K$33.85$0.48M2026-04-15
Cagney Michael Scott—SELL26K$35.14$0.92M2026-04-15
Cagney Michael Scott—SELL28K$35.93$0.99M2026-04-15