Bernstein Maintains "Outperform" Rating on Figure, Figure's Q3 Revenue Exceeds Expectations by 30%

Foresight News: According to The Block, Bernstein reiterated its "outperform" rating on Figure stock and set a target price of $54, believing Figure shares have a 56% upside potential. On November 13, Figure reported adjusted third-quarter revenue of approximately $156 million, which is 30% higher than the market consensus of around $119 million. Meanwhile, adjusted EBITDA was about $86 million, 60% higher than the market consensus of roughly $54 million. Total loan origination increased by about 34% quarter-over-quarter to $2.5 billion, with home equity line of credit (HELOC) origination growing to approximately $2.4 billion.

Loans initiated and tokenized by partners remain at the core of Figure's business model, accounting for about $1.9 billion (76%) of total loan origination in the third quarter, while Figure-branded loans contributed the remaining 24%. The Figure Connect marketplace—the company's main blockchain-based loan origination platform—continued to increase its share, contributing around 46% of loan activity this quarter, up from about 42% in the second quarter. Connect's transaction volume grew to approximately $1.1 billion, a 48% increase quarter-over-quarter.